The list.
INCOME
Every sale, with date, amount and customer Invoices issued Receipts given
EXPENSES
Every purchase, with date, amount and supplier Receipts and invoices received What each was for
BANKING
Statements Transfers between accounts
OTHER
Assets purchased Loans and repayments Payments to yourself Payments to staff or contractors Tax records
WHAT SUPPORTS EACH ENTRY
A document: an invoice, a receipt, a statement.
An entry with no supporting document is difficult to defend.
WHAT TO DO ABOUT MISSING RECEIPTS
Record the expense with a note explaining.
Better than omitting it, and get into the habit of keeping them.
FOR CASH TRANSACTIONS
Record them immediately. Cash is forgotten.
WHAT TO KEEP FOR HOW LONG
Follow your accountant's advice on retention periods.
WHERE
Organised by period, backed up.
