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Revenue Record Keeping and Changing Accounting Systems

  • 27-05-2014 4:39pm
    #1
    randonusername
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi All,

    Newbie to boards looking for some advice.

    I've a small business and we are looking to move from our existing accounts system to Sage

    Revenue's site say I need to keep records for 6 years, does this mean I need to have access our existing accounts system for 6 years in case they come knocking for an audit?


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    randonusername wrote: »
    Hi All,

    Newbie to boards looking for some advice.

    I've a small business and we are looking to move from our existing accounts system to Sage

    Revenue's site say I need to keep records for 6 years, does this mean I need to have access our existing accounts system for 6 years in case they come knocking for an audit?

    You could print off all reports and that should do it probably.


  • #3
    mark_m360
    Registered Users, Registered Users 2 Posts: 294 ✭✭mark_m360


    randonusername wrote: »
    Hi All,

    Newbie to boards looking for some advice.

    I've a small business and we are looking to move from our existing accounts system to Sage

    Revenue's site say I need to keep records for 6 years, does this mean I need to have access our existing accounts system for 6 years in case they come knocking for an audit?

    When they say records, they mean paperwork in the operation of your business (eg. invoices, payroll, vat returns etc) and system reports. They don't expect you to have access to the system. But when you do your year end close, if you make hard and/or soft copies of all reports (nominals etc) and mgt accounts etc that would be fine.
    If there is a revenue audit, you need backup to show the calculation of your figures and then they can judge whether it was done properly or not. If there is nothing (i.e. No backup for vat returns other than the VAT3 and a spreadsheet) then there would be issues as you are not complying to the law of 6 years of records and they can't audit a spreadsheet without sampling invoices etc. Hope this helps.


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