Finance Department Documentation

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[Audio] Introduction The start of the bookkeeping process begins with accounting source documents - the paperwork. In most cases, when a business transaction is carried out a document is produced which contains the details of each transaction. These documents get their name from the fact that they are the origin of the information that is recorded into the accounting books. Both businesses (or people) involved in the transaction will get a copy of the accounting source document produced..

[Audio] Introduction The documents come in all sorts of shapes, sizes, colours and types of paper. They can be on physical paper or electronic files like PDF. Every document has a few things in common: The transaction date The amount The name of both businesses/people A reference number A description of the transaction.

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15. It is vital that all accounting source documents are filed in such a way that they are easy to retrieve at a later date in case of any queries that might pop up. The most common method is to file everything in date order, then alphabetical order. Most tax departments will require you to maintain a good office filing system for at least 5 or 7 years..

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[Audio] Text + List Template. When you put in the time to assemble and analyze these financial documents, you’re giving yourself the tools to keep your small business on track. A business owner and/or accountant needs to set aside some time each week (at least!) to balance the books, draw up crucial financial reports, and create financial goals for the coming weeks, months, and years..

[Audio] Text + List Template. Internal Controls. In the context of internal controls, paper or electronic documentation which supports the completion of a transaction’s lifecycle meets the criteria for documentation. Anything that provides evidence for a transaction, the person who has performed each action related to a transaction, and the authority to perform those activities, are all considered within the realm of documentation. There must be an audit trail for each financial transaction. If documentation is attached to the transaction, it is part of the official accounting record. Departments must comply with all applicable records retention requirements..

[Audio] Text + List Template. Internal Controls. Required documentation is not the same for each transaction. For example, an adjustment to an expense between account codes within a department is not as critical from the perspective of internal controls and risk as processing additional pay for an employee in the human resources system. Some transactions that require increased documentation include: Large dollar amounts Part of a legally binding contract Part of the procurement process Pertain to personnel actions.

[Audio] Text + List Template. Internal Controls. Reason for Directives Documentation must be aligned with internal controls and the level of risk, therefore, required documentation for transactions depends closely on the level of risk associated with the transaction. Documents provide a record of each event or activity, and therefore ensure the accuracy and completeness of transactions. This includes expenses, revenues, inventories, personnel and other types of transactions. Proper documentation provides evidence of what has happened, as well as provides information for researching discrepancies. Who must comply? All departments within the company..

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