What to retain.
WHAT TO KEEP
Every invoice issued Every credit note Every receipt Payment records Bank statements
HOW LONG
Follow your accountant's advice.
Generally several years.
WHERE
Not only in one place.
Accounting software plus exported copies, backed up.
WHY EXPORTS MATTER
A service you stop paying for takes your records with it.
Export regularly.
WHAT YOUR ACCOUNTANT NEEDS
Invoices in order, with payments matched.
Providing that well saves their time and your fees.
WHAT TO ORGANISE BY
Year, then number.
FOR CASH TRANSACTIONS
Record them immediately. Cash not recorded is cash forgotten.
WHAT TO RECONCILE
Invoices against bank receipts, monthly.
Discrepancies found monthly are fixable. Found at year end, they are archaeology.
