How to Set up A Simple and Effective Filing System

How to Set up A Simple and Effective Filing System

Most of the business owner usually facing a headache problems that’s no idea how to set up a proper and organize filing system due to lack of knowledge and resources. Filing is the most time costly jobs and if the documents not file in a proper way, it would be created a critical situation such likes incomplete documents, misplaced invoices, missing payment records, unable recalled collections i.e. cheques, cash or bank in slips.

The influence of non-organize filing system were result a lot of unknown payments and receipts then the management account will facing the difficulty when key in data entry due to incomplete information and finally may result delayed in processes to final management accounts, audit and even tax filing, which finally the late payment penalty may be imposed.

By briefing to the above, it is clear to note that the how importance to set up a simple and effective filing system as it is a base of whole processes. A proper and organize filing system not only make the company more productive, also can simplified the processes and less stressful.

 

Simple Step to Set Up Simple and Effective Filing System

Filing actually is a sector which not much technical knowledge and accounting skills are require to comply to but with a common understanding, just a simple way can be effectively to organize a proper filing without too long time spending.

Open 10 Files According to Categories:-

File No. FILE LABEL NAME FILE CONTENT REASON
1 Invoices – filing according to the invoice numbers included the cancelled or void invoices – to avoid invoice missing
2 Bank statements – filing according to the individual bank account and by month consistently – to make sure no bank statements missing
3 Bank In Slips – filing according to the date with remarks details of payment received (from who, invoice number & amount)

– attached with Official Receipts if any

– advisable to keep a Photostat copy of bank in slip in case the paper faded

– to cross check with the bank statements if any inwards cheque returned
4 Payment vouchers – filing according to cheque numbers or payment vouchers (consistently)

– Must attached with the supporting documents i.e. purchase invoices which the total certain bills amount should be equal as payment made

– details of cheuqes payments or bank transfer must be stated in the vouchers

– for the construction, developer, investment companies, advisable to put the remarks of the project titles, investment units and separated by using divider.

– To avoid any supplier invoices misplace after payment was made

 

5 Petty Cash Vouchers – details of cash payments or expenses claims by the company’s staffs or directors or business owners, by the name of person in monthly basis

– all the expenses bills advisable to make a photostat copy in case the bills faded

– to compile bundle of tiny expenses bills into one claim in every month, this may safe  time on filing jobs and cash control.
6 Unpaid Creditors File – bills or expenses not yet paid or settled – to avoid double paid to suppliers
7 Correspondence File – a) Correspondence with bankers

– b) Quotation to Customers

– c) Quotation from Suppliers

– for management control purposes
8 Human Resources file – a) Staff profile

– b) Payroll summary, payslips

– c) EPF / Socso / PCB Tax

-for management control purpose
9 General file – a) Commission calculation for Sales persons

– b) Projects files

– c) Licenses, Tenancy Agreement, Contracts, Hire Purchase Loan Agreement & etc

–  d) Credit card statements being expenses or purchased by directors in form of fund injected without cheque of bank or cash payment being made to them

-for management control purpose
10 Custom / GST file – All imported documents related to Kastam i.e. Kastam Duty Form to be keep in an individual file (whole set)

– Monthly GST submission form GST-03, together with related report supported the amount in GST-03 to be keep in the individual file

– for management control purpose