If your office is an auditors nightmare then sort it! Eastlight folders are essential for your office to properly function. Shoeboxes or piles of paper won’t do & neither does filing once-a-year.

You will need 9 folders as follows:-

1 Sales invoices

It is not essential to keep a copy of your sales invoices so long as you can always reprint them on demand. If you do keep a copy, do it in invoice number order with the latest on top or A-Z by customer (lastest on top).

2 Suppliers invoices (unpaids)

File these in alphabetical order by supplier name. Include all unpaid invoices no matter how old they are.

3 Paid Invoices

Once paid file these first in alphabetical order by supplier name, then by date, with the latest paid invoices for each supplier always on top.

4 Bank & Credit Card Statements

File these in date order with the latest on top. Use dividers to separate each bank account. Always print and file your bank reconciliations with the bank statement it refers to.

5 PAYE

File a copy of your employer monthly schedule and remittance in date order, with the latest one on top.

6 GST

File a copy of the return with supporting reports and work papers, in date order, with the latest one on top.

7 Income Tax

File any IRD statements and related correspondence from your accountant or the IRD , in date order, with the latest on top.

8 Hire Purchase and Loans

Use file dividers to separate documents relating to each HP or loan

9 Business expenses paid with owner’s personal funds

File these receipts in the months they were paid, with the latest on top until you write a business cheque to pay yourself back. Then move them to the paids above.

Tip: At the end of each financial year box up the records and store for 7 years.

Related posts:

1. Home Office and MYOB
2. What do I need to have ready to set up an MYOB data file?