I run quickbooks and keep track of everything that way. My question is how do you file your paper invoices? My wife disagrees with my way so now I’m wondering.
I file the invoices in a folder for the job. She says they should be filed in a folder by vendor and sub contractor. So how do you do it?
Legal Disclaimer: The preceeding comments are for entertainment purposes only and are in no way to be construed as professional advice. The reader of these comments agrees to hold harmless the poster, EJCinc, from any and all claims that EJCinc offered professional advice, ideas, or comments to the reader that may or may not have resulted in the damage, injury, or death to the readers property or person.
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Delivery (pickup) slips I put in a folder with all the related job info. On my invoice to the customer I list the appropriate invoice (slip) number at each billing, this goes in the folder with the slips attached. I now have all the individual invoice numbers listed, slips and additional info filed according to job.
Invoices from the supplier I file when paid in the specific supplier/sub contractor folder.
This way I have cross reference between the job and the suppliers invoice-using the slip numbers, but each job has the specific info (good for warranty issues) in it's own file.
edit: I use QB's also. The check registry is my record of suppliers/subs paid. When pertinent-I include invoice number or word reference as to what the particulars are.
A Great Place for Information, Comraderie, and a Sucker Punch.
Remodeling Contractor just outside the Glass City.
http://www.quittintime.com/
Edited 11/3/2008 9:15 pm ET by calvin
Is this an academic question, or are we in for some real marital problems?
If your wife does the filing, do it her way and smile!
If this is a discussion because your TV was foreclosed, smile and say "Yes Dear".
If you need it to explain it to your accountant, do it your way and just say "Thanks for the suggestion, dear".
Quality repairs for your home.
AaronR Construction
Vancouver, Canada
Paper filing is done by vendor. For subs I keep their insurance cert at rear of file and their w9. I also staple the voucher check to their invoices. I don't work T and M or cost plus, so it probably depends which you do to how you file.
I actually primarily use my computer. All paper gets scanned and electronic invoices are saved accordingly.
But, if I were using paper I would file by vendor. Invoices filed by job are limited to permit costs, gas receipts (for generators and the like), and very specific and limited items. Filing by vendor is so much easier to keep track of and track historical costs, IMHO.
Jon Blakemore
RappahannockINC.com Fredericksburg, VA
original invoice goes in vendor file,
3 copies... one in job file, one to bookeeper (who uses QB Pro ), and one gets stapled to the two part computer check we pay with
I file everything by the month, unless I have a contractual need (rare) to show receipts, in which case I'll file them separately. The majority of receipts come from one lumberyard, one big box, one local hardware store, and one local paint store. When I purchase something, the date, amount, and vendor (or subcontractor) name of the purchase are linked to the specific job in a spreadsheet. This way, I can electronically sort my costs by date, vendor or job.
I'm the last person to ask about filing. I have folders for each vendor and one for subcontractor invoices and certificates but after that I'm a mess.
"it aint the work I mind,
It's the feeling of falling further behind."
Bozini Latini
http://www.ingrainedwoodworking.com
Invoices go to associated project.
You see my company was started by my Grandparents and up until a few months ago my Grandmother still did all of the filing, and she filed invoices by job. So that's the only way I knew.
Recently my wife got her first real glimpse at the inner workings of the company and gave me her suggestion. Since she works in a "real" office I figured she must know what she is talking about. She really doesn't care how I file things as long as I don't forget how to make my paycheck every week.
Looks like I may be changing my filing system in a couple months.Legal Disclaimer: The preceeding comments are for entertainment purposes only and are in no way to be construed as professional advice. The reader of these comments agrees to hold harmless the poster, EJCinc, from any and all claims that EJCinc offered professional advice, ideas, or comments to the reader that may or may not have resulted in the damage, injury, or death to the readers property or person.
I like doing everything by job because everything I do is based on specific projects. If my paint invoices are in the project file I know exactly what paint was purchased. Ditto for everything else purchased. All end of month statements get filled with the vendor file.
There's no right or wrong way, as long as the system works for you.
I think your method sounds highly practical for your use so long as you are taking advantage of QBs job-tracking features, which helps you to locate the documents in a job-file, long after the job is finished.
Most business types probably file by vendor, but that probably isn't very efficient when you are final-billing a client and need ready access to every invoice in one place. I especially like your method because 1)throwing everything in one folder is fast and easy 2) if you need to find something later, QB can help, and 3) you can archive the file as soon as the job is finished (i.e. you probably have no 4ft tall stack of paper in your office with a yellow sticky note on top that says "To Be Filed").
p.s. I been part of several audits and auditors don't seem to mind your filing system so long as you can produce the pages they ask for.