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You must be able to produce receipts, invoices, canceled checks or bank records that support all expense items. You should also keep sales slips, invoices or bank records to support all income items. These records should be retained for at least 10 years after they have expired.

A recordkeeping system is a shared filing system where records are captured, organized, accessed, protected, retained, and destroyed in ance with approved records schedules.

Consider separate accounting for different product lines. If you have more than one product line or department, you may want to keep a separate set of books for each. ... Selecting the right accounting software. ... Maintaining sales and cash receipts journals. ... Keeping tabs on sales invoices. ... Recording cash register receipts.

The Small Business Administration and many state statues of limitation recommend seven-year retention periods. Pending claims, such as workers' compensation or open litigation, require retention until the claim is closed. After the record retention time frame expires, the records should be destroyed.

Tip #3: Make Copies While a waterproof and fireproof safe will keep your original record secure, it doesn't hurt to have a backup. You can make these copies physical or digital, but the most important part of this tip is that you keep them stored in a separate location.

Section 286 of the Corporations Act requires financial records to be kept for at least seven years after the transactions covered by the records are complete.

Here are five ways to make sure your financial records are stored properly and safely. Take Inventory of Your Financial Records. ... Scan Important Paper Documents. ... Encrypt Digital Records. ... Store Hard Copies Safely. ... Properly Dispose of Identifying Information.

Best Practices for Small Business Record-Keeping Implement a document management system. ... Check for record retention mandates. ... Choose accounting and payroll software that generate records. ... Match records to transactions during bank reconciliations. ... Back up and secure your records.