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Keeping paper records of payments

  • 24-08-2010 10:51am
    #1
    gavney1
    Closed Accounts Posts: 537 ✭✭✭


    Hi guys

    We have always kept paper records of all our supplier payments for 5 years, as we were always advised that that was the law.

    What we keep is
    1. A photocopy of cheque or print out of BACS remittance (depending how we pay)
    2. Our own Goods Received note
    3. A carrier/supplier Proof of Delivery
    4. Our own inventory received report
    5. Invoice

    I'm just wondering is it still required by law to keep these for 5 years? Even if we have electronic records of deliveries and what invoices have been paid?

    thanks


Comments

  • #2
    Accountancy
    Closed Accounts Posts: 59 ✭✭Accountancy


    Hi Gavney1,

    You are actually meant to keep the records for 6 years.
    You do not need to keep copies of the cheques. The stubs will do. You need to keep the bank statments that will do for the online payments.
    You also do not need to keep copies of the delivery notes the invoices will do.
    Your computer system backup should be ok instead of printing the reports.
    HTHs


  • #3
    John368
    Registered Users, Registered Users 2 Posts: 122 ✭✭John368


    This is perhaps a little off-topic, but I would like to know about electronic records. I know that they are totally adequate as legal proof, but I was wondering if those of you here who have small businesses totally depend on them and do not print out copies.

    I have a very small business. I take electronic backups of all emails and documents recieved by email, but I always take a hard copy as well. It is not just as backup that I take the hard copy, but so that I can have quick access to all documentation regarding a project in one file kept in a filing cabinet, as some documents come by post or are hand-delivered. I find I can flick through a file in seconds and find what I want whereas finding something electronically no matter how sophisticated the software is, is very very time consuming.

    However, I sometimes wonder if I am out of touch and missing something and going totally electronic perhaps will work. Thoughts anybody?

    John


  • #4
    Fergal C
    Registered Users, Registered Users 2 Posts: 298 ✭✭Fergal C


    John368 wrote: »
    ...but I always take a hard copy as well....

    Me too, I'm generally more confident that a hard copy won't go missing or accidentally get deleted.


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