Bookkeeping advice required

emma77

Hi

Was just wondering if anyone can help me. I keep the accounts for a family business. I am starting to get work for other people, and I was just wondering if there was a specific way of filing paperwork (daft question I know).

At the mo I file in transaction order as I use sage and was just wondering what other people who prepare accounts for several business do?

Any advice help would be appreciated
Thanks

A-Vic

emma77 wrote: »

Hi

Was just wondering if anyone can help me. I keep the accounts for a family business. I am starting to get work for other people, and I was just wondering if there was a specific way of filing paperwork (daft question I know).

At the mo I file in transaction order as I use sage and was just wondering what other people who prepare accounts for several business do?

Any advice help would be appreciated
Thanks

Not a daft question as later on you could get in a right mess.

I Would:

1 File per client
2. then by year in each file (easyer to find what you will be looking for at a later date)
3. Also put in a covering sheet with all details i.e:

Client name and address.
TEL & Fax NUMBER
EMAIL
NINO
UTR
Date of birth
Accounts year end
Description of business
Employer Details
ID
64-8
CWF -1
Letter of engagement
Professional clearance letter
Fees agreed

then tick off what is in the file.


I know this may seem a little exccessive but will save you a lot or work in the long run

speegs

What is 64-8 and CWF - 1 and NINO and UTR?

A-Vic

speegs wrote: »

What is 64-8 and CWF - 1 and NINO and UTR?

CWF1 - Self employment registration Form
64-8 - So you can act on a clients behalf with HMRC Form
NINO - National Insurance Number
UTR - Unique Tax Reference Number Self Employment

emma77

Thanks for the advice it will prove very helpful.

But does it matter how you file clients accounts paperwork e.g invoices/receipts. Is it better to file alphabetically? I use sage and file by the generated transaction number and I was just wondering if that menthod is ok for clients? Is there a standard way of doing it? what do other people do?

Sorry for all the questions, prob sound like a right crazy person. Got myself all worked up over nothing.

Thanks

A-Vic

emma77 wrote: »

Thanks for the advice it will prove very helpful.

But does it matter how you file clients accounts paperwork e.g invoices/receipts. Is it better to file alphabetically? I use sage and file by the generated transaction number and I was just wondering if that menthod is ok for clients? Is there a standard way of doing it? what do other people do?

Sorry for all the questions, prob sound like a right crazy person. Got myself all worked up over nothing.

Thanks

What we do it have a seprate compartment within the files to keep invoice together in date order.

Raging Pineapples

Depends on the client's situation.

If they have LOTS of invoices (e.g. a building or manufacturing company may have a LOT of purchase invoices) you're probably better filing by supplier name (we do it by account code because the code usually looks like the name anyway, e.g. 'Howdens' becomes 'HOW10'). Then file in date order.

This makes it easier for the client to perform credit control, as all those thousands of invoices have to be referred to regularly.

With less purchase invoices, it would probably be wiser to file them in date order I think. Many bookkeepers divide the folder up with page dividers for each month, to make it a little easier to browse.

Sales invoices are better organised by invoice number, I think.

A-Vic

Raging Pineapples wrote: »

Depends on the client's situation.

If they have LOTS of invoices (e.g. a building or manufacturing company may have a LOT of purchase invoices) you're probably better filing by supplier name (we do it by account code because the code usually looks like the name anyway, e.g. 'Howdens' becomes 'HOW10'). Then file in date order.

This makes it easier for the client to perform credit control, as all those thousands of invoices have to be referred to regularly.

With less purchase invoices, it would probably be wiser to file them in date order I think. Many bookkeepers divide the folder up with page dividers for each month, to make it a little easier to browse.

Sales invoices are better organised by invoice number, I think.

Agreed :thumbup1:

A-Vic

Raging Pineapples wrote: »

Depends on the client's situation.
This makes it easier for the client to perform credit control, as all those thousands of invoices have to be referred to regularly.

Also you may want to check that the client doesn't want them returned in the same order they sent them as they may have there own system in place