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In order for the bookkeeping (and in turn the accounts) to be completed for a business, certain records need to be kept. These records include: 

Sales Invoices: These are the invoices you send to customers for products you have sold or services you have provided and act as a representation of your businesses income.

Purchase Invoices: These are invoices you have been issued by suppliers.

Bank statements/ credit card statements: Any statements which show transactions relating to the business recordsshould be kept

Receipts: Any receipts you receive for expenses relating to the business should be maintained and kept for your bookkeeping. For example, fuel receipts.

Cheque Book stubs: Cheque books that contain details of cheques used to pay for things relating to the business should be kept. Paying in stubs may also be useful as they should show an explanation of the amount paid into the bank.

Businesses can keep these documents in an electronics format. If you are submitting your business records to an accountant or bookkeeper then copies will suffice.

Business records must be kept for at least 6 years.

 

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

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