- Keeping your valuables in a safe place is as much important as keeping your documents, legal or otherwise in safe archives.
- When you are running a business certain documents are required to be kept and archived for a sometime, if not for some years. This is required by law, such as the Income Tax Department will visit your during a tax audit to ensure compliance. Queries and investigations in respect of income Tax, TDS, Value Added Tax, PAYE and now even the National Pension has become a common practice by the MRA . Business should therefore, ensure that their accounting records are up-t-date and properly filed either physically or in digitalized form.
- Corporates are also required by Company Law to keep certain types of records in relation to their financials, shareholders and office bearers.
- Going paperless in a business by digitizing documents is a common practice to save paper, ink, cost and in order to contribute towards a more sustainable environment. QuickBooks already allow you to send digitalized invoices, statements and reports thru its webmail and now with this new feature of keeping documents in QuickBooks will make filing and retrieval of sources documents and accounting records an easier task.
In managing your business QuickBooks Accounting System is designed in such a way so as to enable an enterprise to store valuables documents within the system itself for easy retrieval. You can attach documents directly to the matching Purchase Orders, Invoices, Bills, Receipts, Cheque payments in order to keep the audit trail of transactions. You can even scan your notes and workings and keep in QuickBooks and save time by not having to remember the nature of a particular transaction. You can scan the documents directly from your scanner or attach from you archive folders.
- Look for the attach file icon whenever you open any form (i.e invoice, bills,etc) in QuickBbooks and click on the attach file button to add or attach any document to your source transactions. You can attach documents to even your journal enties.The attachment file may be any of the following formats:
- Other image format are supported
- Excel file
- Word file
- In this way whenever you are looking for vouchers, bills and supporting documents to justify your expenses, you can have access to them instantly. Since you can also attach excel files, this means that you can even including your workings and calculations.
- This improvement is worth mentioning as it removes the hassle of physically filing supporting documents. you longer have to waste a lot of time trying to guess how you got the figures and what an item consisted of.
To use this feature look for the attach file icon when entering any bills, cheques invoices, petty cash expenses or journals. You can even scan your document directly from your scanner.
Start using this feature now and see how easy your life become whenever you have to face any query from the Mauritius Revenue Authority (MRA) asking for proof and evidence of income and expenses.