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The best practice for storing invoices and packing slips for a big company

Nat Johnson's Profile

I am after a tips on the best way to organise paper records keeping (hundreds invoices and paper slips per month) and easy accessing for Audit purposes.

Answers

Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

Nat-
1. why not scan and index them/attach them to the relevant AP transaction at the time you process them?
2. change all inbound vendor invoices-ask them to email PDF copies only to a designated email account

Regards
Len

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

If you use Len's suggestion (I would)... Make sure you have a back-up plan that protects you from loss of data!

Be sure part of that plan has multiple off-site components to minimize the risk.

Nat Johnson
Title: Na
Company: Na
(Na, Na) |

Thank you .
We have to follow the auditors requirements and keep a paper copy.
I was just after suggestions for filing structure.:)

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

I'd question my auditor and ask specifically where it states I need paper.

Here's a brochure on retention from the AICPA: http://www.aicpa.org/interestareas/informationtechnology/resources/businessintelligence/downloadabledocuments/records_retention_mktg.pdf

Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

Nat

If you are a government agency that has yet to modify its internal audit regulations/ policy, paper may be required. Of course that falls apart when there is no paper in the first place, such as EDI or invoices supplied as PDF files. What those auditors do in those cases must be interesting/amusing.
I agree with Wayne-ask your auditor to prove paper is mandatory. If they can't, then ask them to show why you cannot keep digital files.

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