When entering and filing purchases, many MYOB users don't even think about how they are going to retrieve a tax invoice in 6 years time, should they be subject to a tax audit or other dispute.
I tell all my clients to enter all expenditure through the purchases module of MYOB and to forget about using the spend money function. By using this method, each invoice is given a purchase number.
Once paid, all the invoices are filed in numerical order by purchase number, with usually about 100 purchases in a manilla folder. Tubeclip file fasterers are used to keep the purchases in order. The purchase numbers the file contains is then labelled with the purchase numbers it contains.
MYOB stores this number forever. So any invoice can be easily located. This number appears on most reports run in MYOB as well
Another advantage of using this method is that if you have your preferences set up correctly, you will never accidentally double input/pay an invoice, as the purchases module will reject doubled up supplier invoice numbers.
On clients who use spend money, I have seen tens of thousands (possibly even hundreds of thousands) of dollars of doubled payments. Spend money doesn't ask for the suppliers invoice invoice number, and allows the user to keep accidentally entering and paying the same supplier invoice over and over again.
Shane Holbeck
www.accountix.com.au
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