I've had my business for almost 2 years and still have all of the signed credit card slips. It is getting a bit much. I don't want to distroy them until I know I won't be required to have them anymore.
How long must I keep them?
2006-11-16 07:48:58 · 8 answers · asked by taotemu 3 in Business & Finance ➔ Small Business
I think c/c is 3 years.
This has some good banking info about how long to keep things.
http://www.bankrate.com/brm/news/bank/19990714a.asp
http://www.bankrate.com/brm/news/pf/20060215b1.asp
2006-11-16 07:58:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Since you didn't imply how your bookkeeping was set up with your business, I would suggest following the advice of some of the other people that answered your question.
When I ran my office, I saved all of my credit card receipts with backup in a daily audit pack and stored them in boxes. You keep those for seven years.
It's very important to keep the credit card slips because of chargebacks. If you accept any major credit card you will of course know about the chargebacks/payments statements you receive monthly. I'm sure if you have received chargebacks you know you must provide the copy of the credit card slip along with any other documentation proving the purchase.
Sure, the paperwork builds up, but as long as you have an organized filing system that is dated and stored well, you shouldn't have any problems.
2006-11-16 10:31:31 · answer #2 · answered by royal_crown78 2 · 0⤊ 0⤋
My accountant gave me a print out from the IRS website. It doesn't list credit card receipts specifically, but bank statements, etc. need to be kept 7 years. Check the IRS webste or with your accountant.
2006-11-16 09:51:19 · answer #3 · answered by LHA 3 · 0⤊ 0⤋
I would keep them as long as you can. You can put them in boxes in date them. That way is anything comes up you will always have proofs. I keep mine, and I do not have a business, for years. I do the same thing I told you to do.
Congratulations on your business, and I wish you great success.
2006-11-16 07:57:20 · answer #4 · answered by Boricua Born 5 · 0⤊ 0⤋
Legally the IRS says seven years. You need the slip or some sort of copy of them (you can scan them and document them ). For banking purposes I would keep the originals for a quarter , copy them for legal purposes and then destroy them.
2006-11-16 07:57:52 · answer #5 · answered by fancyname 6 · 0⤊ 0⤋
the IRS is entitled to audit up to 7 years, so I suggest you find storage for them. My mother always kept reciepts 7 years.
2006-11-16 07:52:37 · answer #6 · answered by LatterDaySaint and loving it 6 · 0⤊ 0⤋
You could call your bank or accountant. but I would just keep them until I see they are posted on my bank statement.
2006-11-16 07:52:29 · answer #7 · answered by ruth4526 7 · 0⤊ 0⤋
I usually crumple them as soon as I get em. Not sure.
2006-11-16 07:52:36 · answer #8 · answered by kurticus1024 7 · 0⤊ 0⤋