In book keeping a small business do you have to keep a reciept even after you record the information?

Question

I have reciepts all recorded and computerized...do i still need the actual paper reciept?

Answer 1

Short answer, yes you do.

Long answer: You really should be making copies of the receipts or taking advantage of a service, such as Neat Receipts that scans and stores the receipts for you. The paper that most receipts are printed on now, will fade if they get warm or after time (I've seen them fade in as little as 6 months). I recommend my clients to copy all the receipts for the month and attach them to the bank statements.

Answer 2

Always keep your receipts in case when you lodge your Tax Return, in case they have a query. Keep for two years in a row as well.

Just put them neatly clipped together in categories and an A4 envelope with the month and date on the front.

That's if you haven't got a bookkeeper.

Answer 3

You can scan them and save them on computer - but a simple bookkeping entry will not cut it with the IRS. An electronic copy is OK. Many of the laser reciepts will turn black eventually so I recommend scanning.

I scan mine and save them on CD.

Answer 4

relies upon on in case you employ your enterprise from homestead... in case you do, you are able to deduct a definite proportion of your charges on the top of the 12 months as a enterprise price. in the journey that your enterprise is else the place and you purely use one account for the two, purely checklist what you spend on enterprise expenditures on your enterprise log.

Answer 5

Yes, in case you're audited, those are proof of purchases and transactions.

Six or seven years, keep them filed just in case.

Answer 6

i think most businesses cheap receipts for at least 7 years