How to do book keeping to be ready for an Audit?

Answer 1

Make sure all the documents are properly registered. if its a finance audit, make sure that all vouchers and receipts are recorded and tallied by a bookkeeper and that all collections have receipts or are receipted and recorded as collections. THen get all your bank statements together, passbooks and checking accounts. For bookkeeping purposes - expenses and collections have to be recorded properly under their own descriptions - opex, capex, projects, miscellaneous expenses, write offs, loses, salaries (if you have employees), social taxes, BIR payments, etc. Same goes for collections - sources, payments, discounts, interests, etc.