Keeping a schedule of your income earned and why it is important


Keeping a schedule of your income earned and why it is important

So often I have come across small businesses who issue invoices in a manual system (Word, Excel, Canva or any other document creating process they may enjoy) but who do not keep a schedule of these invoices in order to track total earnings for the month / year.

If you are being paid, you may ask why it would be important to still keep a schedule of the invoices?

  1. Keeping track of total earnings for a month allows you to compare this to your monthly budget and to action any changes necessary if you’re not tracking where you thought you would be.
  2. An updated invoice schedule allows you to monitor the number of invoices issued and the collection of the related payments.
  3. Having sequentially numbered invoices allows for a far smoother audit or verification process should you need to submit these for any reason (SARS related or otherwise)

An invoice schedule should ideally be a list type format with a few of the basic details of the invoice and a sequential invoice numbering system.  The invoice schedule should be updated for every invoice issued, at the time of the invoice being issued.

Download the official SARS requirements of a valid tax invoice below. Although this is the official checklist of a VAT registered entity’s invoice, it can be applied to all invoices.

  1. Sequential invoice number
  2. Date of invoice
  3. Your business name and address
  4. Customer name and address
  5. Description of goods or service
  6. Price of goods or service (quantity x price per item / unit)
  7. Invoice total value

Download our basic MS Excel invoice schedule to keep your invoices in order.

Yours in simplifying finance,