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Hi guy's
You'll have to excuse me, i'll probably be posting a lot of what may seem like stupid questions whilst trying to sort out the mess that is my first clients paperwork.
To start with, would you file receipts, invoices, etc by month eg everything bought in Jan in one file and feb in another. Or by catagory eg one file for fuel receipts, one file for supplier x, one for phone bills???
I have literally got nearly a years worth of source docs (not all there) and bank statement print outs to pick through.
And what do you do if there is not evidence of every transaction on the statements??
And what if the amount a customer was invoiced doesn't match up with what was paid into bank??
Oh, i'm sorry, what a nightmare!!!
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I would start by putting all of the purchases invoices for a particular month in a seperate folder (i use nice cheap squarecut buff folders) and the same with all the sales invoices, unless there are so few that one folder is enough.
Not every transaction will be done through the bank in most small businesses. There may be some cash payments, or they may use payment processors like paypal or worldpay, they may take credit card payments using terminals.
When you say the amount invoiced doesn't match the amount banked. Was it banked by the customer or your client? If it was the later, did they maybe take some of the cash for payments, or drwaings? If it was the former, did they have a credit note for the difference, or was there discound to be taken?
Hope this helps
Kris
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I use different filing systems for different clients, depending on the size and number of suppliers they use etc. So for some it's monthly but more often it's a file (or a few files) where everything is filed alphabetically. That way if you need to find an invoice from X supplier but you don't know exactly when you made the purchase, your just need to look in the X section of the file and all the invoices from that supplier will be there, in date order.
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kjmccullochsaid:
“I would start by putting all of the purchases invoices for a particular month in a seperate folder (i use nice cheap squarecut buff folders) and the same with all the sales invoices, unless there are so few that one folder is enough.
Not every transaction will be done through the bank in most small businesses. There may be some cash payments, or they may use payment processors like paypal or worldpay, they may take credit card payments using terminals.
When you say the amount invoiced doesn't match the amount banked. Was it banked by the customer or your client? If it was the later, did they maybe take some of the cash for payments, or drwaings? If it was the former, did they have a credit note for the difference, or was there discound to be taken?
Hope this helps
Kris ”
Hi Kris,
For example a sales invoice is for 1234.00 and an amount of 1233.00 cash was paid into bank acct, what would I do with that £1 to make it balance??
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RuthAnssaid:
“I use different filing systems for different clients, depending on the size and number of suppliers they use etc. So for some it's monthly but more often it's a file (or a few files) where everything is filed alphabetically. That way if you need to find an invoice from X supplier but you don't know exactly when you made the purchase, your just need to look in the X section of the file and all the invoices from that supplier will be there, in date order.”
Hi Ruth,
Filing alphabetically and in date order will work for supplier invoices, etc and then separate monthly files for all other random receipts, petrol, meals, stationary etc?? Am I right??
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mandi1080said:
Hi Kris,
For example a sales invoice is for 1234.00 and an amount of 1233.00 cash was paid into bank acct, what would I do with that £1 to make it balance?? ”
Who paid the money in, the owner or customer? If it was the owner, why not ask them. If it was the client I'd be tempted to, in consultation with the client, write it off because it's such a small amount.
Kris
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- Member PM.Dip
- Practice Licence
- 97 posts
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I tend to file purchase invoices alphabetically, whetherclient is a small company or large, all invoices for each month stapled to the back of a statement (if none provided, a total on the front of top invoice) then when paid the cheque number or d/d and date paid. I find this method provides most information that is likely needed at a later date in one place.
Odds and sods - such as cash payments are all stapled together for the month and usually if small enough stuck in an envelope with the month noted on the frotn and the flap treasury tagged. The full year is then kept all togther, usually under E for expenses.
Sales Invoices I usually keep in date order, if there is not many in a year I have found the easiest way is to have one folder for out standing invoices and once paid I take the invoice or invoices out and staple them to the back of the relevant remittance advice with the date banked or if BACs date shown in bank account. The paid ones are then all in one folder in date order. I find this method works quite well as then at any point the client just has to look in the outstanding invoice folder and knows straight away who still owes money.
THe above are just my personal opinions and ways I have found that work for me and employers or clients in the past.
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- Member PM.Dip
- Practice Licence
- 481 posts
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I file invoices for purchases and other supplies in a lever arch file (s) with a divider for each month, or three months depending on volume of invoices. Sales invoices I do similarly except I keep them in seperate files until they are paid. All the invoices for a particular supplier are kept together for each month.
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Peasiesaid:
“I file invoices for purchases and other supplies in a lever arch file (s) with a divider for each month, or three months depending on volume of invoices. Sales invoices I do similarly except I keep them in seperate files until they are paid. All the invoices for a particular supplier are kept together for each month.”
This brings me to another question. My customer has no files in place at all, just a bunch of random paperwork in plastic folders. I am assuming that I will have to supply files, dividers, etc, I also need a memory stick to save his books to. Is it standard practice for the bookkeeper to provide these things or ask him to? Also, if I do buy them, do bookkeepers tend to add the cost of these things to the clients invoice or we just accept that the fee's we charge include expenses like these?
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- Member PM.Dip
- Practice Licence
- 66 posts
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mandi1080said:
“Peasiesaid:
“I file invoices for purchases and other supplies in a lever arch file (s) with a divider for each month, or three months depending on volume of invoices. Sales invoices I do similarly except I keep them in seperate files until they are paid. All the invoices for a particular supplier are kept together for each month.”
This brings me to another question. My customer has no files in place at all, just a bunch of random paperwork in plastic folders. I am assuming that I will have to supply files, dividers, etc, I also need a memory stick to save his books to. Is it standard practice for the bookkeeper to provide these things or ask him to? Also, if I do buy them, do bookkeepers tend to add the cost of these things to the clients invoice or we just accept that the fee's we charge include expenses like these?”
I ask my clients if they want me to provide any neccesary stationery and if they say yes, I then invoice accordingly. As long you ask first they are appreciative and glad for not having to do themselves! Sometimes they can have the stationery required, so it is good to ask!
Paul
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