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Should you file Sales & Purchases in VAT month Folders

  • 24-01-2009 11:50am
    #1
    carolinei
    Closed Accounts Posts: 118 ✭✭


    Hi all,

    Question,

    What is best practice. To file the sales & purchase invoices in Vat months ie. J-F / M-A / M -J etc or numerically for sales invoices and alphabetically for purchase invoices.

    I'm thinking for year end etc and if we are ever audited is there a certain way it should be done.

    Rgds

    Caroline


Comments

  • #2
    swanvill
    Registered Users, Registered Users 2 Posts: 276 ✭✭swanvill


    Generally file sales invoices in date/ numerical sequence and purchase in date/ alphabetical or by posting number on your accounts package.

    The important thing is that you are able to find your invoices easily and if were subject to a VAT audit that you can show the back up from the VAT return to the accounts to the invoices.


  • #3
    PhiliousPhogg
    Registered Users, Registered Users 2 Posts: 288 ✭✭PhiliousPhogg


    Yes, as you enter your invoices onto the system write the index number from the accounts package on the invoice in thick black marker and file in sequence. I would do it by number, it would be a little easier if you happen to have a lot of invoices on the one date. Use a separate folder for each quarter/month depending on how many you have.

    So simple when done right, but believe me this makes an auditors life a LOT EASIER, and looks impressive to a Revenue auditor.


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