Accounting Files

FILE ORGANIZATION

For Your Personal and Company

Records

GROWTH AND DEVELOPMENT SERVICES CORPORATION

2980 South Rainbow Boulevard

Las Vegas, Nevada 89146-6531

702/496-3057 Fax: 702/216-2988

INTRODUCTION

In today's world of necessary recordkeeping, the paper giant of keeping records to satisfy our own personal and business requirements can seem to get out of hand which causes many frustrations. We need personal records to document and balance our financial positions, our tax positions, our legal positions and our investment positions in both our personal and business life. In order to help our prospects and customers find a simple hands on solution to handling all the paperwork involved, we decided to write each of you some solutions that have been found through years of experience, that ease the trauma of the paperwork and filing jungle. It is our sincere hope that you can benefit from the ideas we are presenting here.

WE HOPE THIS WILL BE AS SIMPLE AS POSSIBLE FOR YOU TO UNDERSTAND AND WE WISH YOU THE BEST WITH ALL OF YOUR FINANCIAL ENDEAVORS.

Note: Growth And Development Services Corporation specializes in documenting corporations with meeting minutes, By-Laws, employee agreements, meeting notices, meeting notice waivers, etc., for small to medium size corporations. Growth And Development Services Corporation does this at incredibly low prices.

NEED FOR RECORDS

LEGAL RECORDS

IRS AND STATE TAX RECORDS

ACCOUNTING RECORDS

PERSONAL RECORDS

BANKING RECORDS

THE BASICS

KEEP FILES SEPARATE BY LEGAL ENTITIES

KEEP FILES SEPARATE BY TIME PERIODS (YEAR)

KEEP FILES SEPARATE THAT ARE PERMANENT

USE COMPUTER ACCOUNTING SYSTEMS

THE DETAILS

KEEP FILES SEPARATE BY LEGAL ENTITIES

Legal entities means just that. Each Corporation, Partnership, Personal business, and your personal life should each have its own set of file boxes. We recommend the use of 8 1/2" X 11" file boxes to store each of these entities.

KEEP FILES SEPARATE BY TIME PERIODS (YEAR)

Within each file box, we recommend the use of hanging filing folders. A set of hanging folders is best and each legal entity should have its own set labeled(i.e. JANUARY, FEBRUARY, MARCH, ETC.) to start. In each of these folders for each month should be placed each bill paid for that entity during that time period. We highly recommend the use of a cover sheet for each invoice which is then followed by the invoice and any documentation and lastly by the duplicate copy of the check that paid the bill. (SEE SAMPLE). You may photocopy the following form and enter your entity name and then make many copies for use with each invoice. It is best if you make up your own form, which can contain any specific other information that may be special for your situation. Next placed in each folder is a copy of each check deposited to the bank account for that legal entity. If there are many deposits, you may wish to make up a daily deposit form to attach to the front of that day's deposits (especially if cash deposits are received. When the bank statement comes in from the bank, it is first reconciled. Then the deposit slip copies and copies of the checks deposited are stapled to the back of the bank statement in the upper left corner. Then the canceled checks are stapled to the back of the statement in the center and bottom of the bank statement. This statement package is then filed with the appropriate month's paid bills. At the end of each year, each month is pulled and put in consecutive order into a folder marked with the year and the now empty monthly folders are ready for the next year. Time periods can be shorter or longer depending upon your volume for that entities paperwork of monthly transactions. High volume could be folders per day. Less volume could be folders per year.

______________________________________

CHECK CONTROL FORM

CHECK #: ______________________ CHECK DATE: _____________________________

PAYMENT CHECKING ACCOUNT #: _________________________________________

PAYMENT CHECK AMOUNT: _______________________________________________

VENDOR: _____________________________________________ # __________________

INVOICE DATE: ___________________________________________________________

INVOICE #: _______________________________________________________________

EXPENSE BREAKDOWN:

ACCOUNT # -----------------------DESCRIPTION ----------------------- AMOUNT ----------

_______________ _____________________________________ ____________________

______________________________________

BANK CHARGE CONTROL FORM

STATEMENT DATE: _______________________

CHECKING ACCOUNT #: ___________________________________________________

BANK CHARGE AMOUNT: __________________________________________________

BANK NAME : ____________________________________________________________

MONTH END DATE: _______________________________________________________

EXPENSE BREAKDOWN:

ACCOUNT # --------------------- DESCRIPTION ---------------------- AMOUNT ---------

_______________ _____________________________________ ____________________

______________________________________

BANK DEPOSIT CONTROL FORM

DEPOSIT DATE: _______________________

CHECKING ACCOUNT #: ___________________________________________________

DEPOSIT AMOUNT: ________________________________________________________

BANK NAME : ____________________________________________________________

CUSTOMER NAME: ________________________________________________________

DEPOSIT BREAKDOWN:

ACCOUNT # -------------------- DESCRIPTION --------------------- AMOUNT ----------

_______________ ______________________________________ ____________________

KEEP FILES SEPARATE THAT ARE PERMANENT

In the same file box in the front are placed more hanging file folders for that entity. These folders are for permanent ongoing records for that entity. Example folders we have found useful are labeled:

BANK CORRESPONDENCE - PIN #'S, AGREEMENTS, ETC.

NOTES TO/FROM OTHER ENTITIES - NOTES & MORTGAGES

LEGAL PAPERS - CONTRACTS, TITLES, DEEDS, ETC.

TAXES - COPIES OF RETURNS & CORRESPONDENCE, ETC.

FORMS - BLANK FORMS FOR PROCESSING

INSURANCE - FORMS, POLICIES AND CLAIMS

USE COMPUTER ACCOUNTING SYSTEMS

If you have a computer, which we highly recommend for its many uses, we recommend the use of Microsoft money or Quicken by Intuit, although any good money management software should suffice. We prefer Quicken for its many features. If you are an investor watching the Stock market, Quicken has a companion called "Quicken Companion" which will dial into CompuServe and automatically download to your Quicken software, the current market prices of your portfolio, which in turn updates your net worth statement at just the press of a few buttons. Quicken also interfaces to Turbo-Tax which will practically automatically prepare your whole tax return each year. Quicken has another add-in called Expensable for expense reports and a Retirement Planner. If you are energetic, the use of Turbo-Tax will perform proforma tax returns for you throughout the year so that year end tax planning can be done with an ease and excitement never before experienced. Without the use of Turbo-Tax, Quicken will perform a more simpler tax profile for you throughout the year for tax planning purposes at the touch of a few buttons. Each legal entity should have its own Computer file so that reporting can be maximized and your filing system will match each entity's computer accounting files.