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How do we file invoices and receipts after we have recorded them?

case study filing Jan 14, 2017

First of all, when the invoice or receipt has been journalized, we suggest you draw a line through the invoice or receipt to signify that it has been “entered.” That way you can avoid duplicate entries.

Once the invoice or receipt has been entered, it should be filed according to the company’s filing system, and believe me, there are MANY variations! We highly suggest using either of following two most basic and simple systems:

For a business with less than 10 financial transactions per month, we recommend filing all source documents by month. If you need to locate the telephone bill for the month of December, you will find it in the “December” file folder.

For a business with more than 10 financial transactions per month, we recommend filing all source document by category. If you need to locate the telephone bill for the month of December, you will find it in the “Telephone Expense” file folder.

For the purposes of the case study however,...

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How should we record payroll after completing the worksheet?

case study payroll Jan 04, 2017

We suggest recording payroll in a 2-part transaction. The first part should document the physical paycheck starting with gross & vacation pay, with the offsetting entries to balance the transactions (you decide which accounts to credit). The second part should document the employer’s cost of the payroll.

Refer to the check register for the dates and check numbers of all payroll-related checks.

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