Record Keeping Record keeping of important items of business - TopicsExpress

Record Keeping Record keeping of important items of business transactions is as important as operating the business. It saves time and money during audit as it keeps business owners aware of money earned and spent. Your company is advised to retain: -Gross receipts. Cash register tapes, bank deposit slips, receipt books, invoices, credit card-charge slips and Forms 1099-MISC. -Proofs of purchase. Canceled checks, cash register tape receipts, credit-card sales slips and invoices. -Expense documents. Canceled checks, cash register tapes, credit-card sales slips, account statements, invoices and petty cash slips for small cash payments. -Documents verifying assets. Purchase and sales invoices, real-estate closing statements, and canceled checks.

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