Records are all of your accounting and other financial information documents. These documents must be kept organized.
The type of information your records contain depend on your situation and other factors such as:
your business type
the format you use to keep your records (paper, electronic or a combination of the two)
if you have converted any paper records or supporting documents into an electronic version
if you are involved in e-commerce
if you are a GST registrant
if you are an employer
You are required by law to keep records of all your transactions to be able to support your income and expense claims.
Keep your duplicate deposit slips, bank statements and cancelled cheques.
Keep separate records for each business you run.
If you keep computerized records, make sure they are clear and easy to read.
Your income records must include the date, amount, and source of the income.
Record the income whether you received cash, property, or services. Support all income entries with original documents.
Original documents include:
sales invoices
cash register tapes
receipts
bank deposit slips
fee statements
contracts
Always get receipts when you buy something for your business.
The receipts have to show the following:
the date of the purchase
the name and address of the seller or supplier
the name and address of the buyer
the full description of the goods or services
the vendor's business number if they are a GST/HST registrant
Make sure the seller or supplier describes the goods or services on the receipt.
With a cash register tape, you should write a description of the goods or services on the receipt or other voucher, or in your expense journal.
It is also possible that a seller or supplier may not provide you with a receipt. In such a case, write the name and address of the seller or supplier, the amount paid for the goods or services, the date you made the payment and the details of the transaction in your expense journal.
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