Accounting E-Filing Structure

Discussion in 'Accounts & Finance' started by Gareth83, Oct 11, 2020.

  1. Gareth83

    Gareth83 UKBF Newcomer Free Member

    25 0
    Looking to rejig my filing structure now I use google drive.

    Does anyone have a basic structure or 'tree' they recommend?

    Eg

    Bills
    Invoices
    Tax
    Expenses

    And what type of naming conventions do you use? Eg YYMMDD Supplier - Invoice number ?

    Etc?
     
    Posted: Oct 11, 2020 By: Gareth83 Member since: Dec 18, 2019
    #1
  2. fisicx

    fisicx It's Major Clanger! Staff Member

    33,479 9,924
    Organise it however you want.

    Number your invoices however you want.

    I wouldn't use Google drive, I'd just let my accounts software sort it all out. It even does the invoice numbers for me. The more automation you have the simpler your life becomes.
     
    Posted: Oct 11, 2020 By: fisicx Member since: Sep 12, 2006
    #2
  3. Gareth83

    Gareth83 UKBF Newcomer Free Member

    25 0
    I know the accounts software generates invoices etc. But I need to store tax documents, bills from customers, suppliers etc

    I'm just talking about a general filing system
     
    Posted: Oct 11, 2020 By: Gareth83 Member since: Dec 18, 2019
    #3
  4. Scalloway

    Scalloway UKBF Legend Free Member

    16,477 3,486
    I would organise it by tax year, then subdivide into Invoices sent. Invoices received etc.

    I name invoices received by supplier name then invoice number. If you have a lot from one supplier then a date is helpful as well.

    I would file Invoices sent in invoice number first, then customer name.
     
    Posted: Oct 11, 2020 By: Scalloway Member since: Jun 6, 2010
    #4
  5. Spur Support Services

    Spur Support Services UKBF Contributor Free Member

    68 13
    First check that your accounting software doesn't have document storage capabilities.
    For instance on Xero, all bills and invoices can be attached to the transactions, contracts can be attached to "Contacts" and your tax documents could be stored within folders in the main File Storage area.

    No storage capability in accounting software -
    If you don't have this capability in your software, then going back to your original query, divide the information between long term and short term, where long term are important documents about your business and short term is information backing up day to day entries in your accounts.

    Day to day accounting documentation:
    Base the tree for normal invoices and bills first on years (so that you can destroy the data when it becomes very old), then month's or quarters.
    Use the same reference in the file name as used within your accounting software, so that you can search and locate the documents effectively.

    Important and capital documents
    I would ensure that your retained a separate "Permanent folder", which should hold details within sub folders for assets, legal contracts, leases, registration documents etc.

    I hope this helps.
     
    Posted: Oct 11, 2020 By: Spur Support Services Member since: Aug 21, 2020
    #5
  6. Gareth83

    Gareth83 UKBF Newcomer Free Member

    25 0
    Didn't realise my software had this capacity, so just scan in, attach and delete elsewhere? Trying not to duplicate everything so sounds like a good idea
     
    Posted: Oct 11, 2020 By: Gareth83 Member since: Dec 18, 2019
    #6
  7. Scalloway

    Scalloway UKBF Legend Free Member

    16,477 3,486
    When saving documents on a computer I always feel having duplicate copies is a good idea as a backup for system failure.
     
    Posted: Oct 12, 2020 By: Scalloway Member since: Jun 6, 2010
    #7
  8. InForIt

    InForIt UKBF Newcomer Free Member

    14 1
    OP Try Pandle, its free.
     
    Posted: Oct 12, 2020 By: InForIt Member since: Apr 23, 2019
    #8
  9. Surinder Singh

    Surinder Singh UKBF Newcomer Free Member

    6 1
    It is better to use software but it depend on your budget Xero and Quickbooks are market leading software's which also allow you to store the receipt, invoices etc.

    If you using excel, I would suggest you give a reference number such as S1 for sales invocies are keep all the sales invoices in one place and following the number s2,s3 etc and you can do same for purchase invoices such as P1,P2 ETC
     
    Posted: Oct 13, 2020 By: Surinder Singh Member since: Oct 13, 2020
    #9