How to organise your accounts like a pro!
Are your receipts and invoices all over your desk? the kitchen table? in the Car? Do you struggle to keep track of them all? Not any more!
In this post I will show you how I sort my own papers and this works for both electronic and paper based storage. You can get your accounts organised and working for you in no time.
You will need:
- 3 Ringbinders
- 2 Sets of monthly dividers
- 1 set of un-marked dividers
Name your folders as follows:
- Creditors (Bills/Receipts) – this is for money going out
- Debtors (Invoices/Receivables) – money in
- Bank Statements, GST & Misc – everything else
In the first two folders add the monthly dividers. Instead of putting them in Jan-Dec put them in with April on the bottom and March on top. This is a great tip as it means that your files are in order for the financial year and also means that as the months progress you aren’t trying to turn 1000 pages from all the previous months to get to the one you want.
For the third folder add the unmarked dividers:
- Bank Statements – one divider for each account
- Payroll/PAYE (if you have employees you may need an extra folder to store timesheets)
- Miscellaneous – for everything that doesn’t fit anywhere else
How to file your papers using this system:
- File inside each month alphabetically (this makes it easy to look back if you need to find something at a later date).
- If there are multiple bills from one supplier file with newest on top (you are most likely to have a query with the most recent bill).
- The Miscellaneous tab is perfect for filing all your Interest certificates, mortgage interest certificates etc.
- You can also take an extra copy of any invoices for fixed assets. File these under miscellaneous. Then you have them ready for end of year.
- Do it as soon as the bill arrives on your desk, or weekly at the most. A bit of time spent now will save a huge headache later on.
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