How long do you have to keep customers credit card receipts before you can destroy them? I have 3 years worth and boy are the adding up!
Announcement
Collapse
No announcement yet.
Credit Card receipts
Collapse
X
-
The IRS can go back seven years unless they suspect fraud, in which case they can go back as far as they want to. Take your choice as to how long you want to hold your files
Here's what our accountant suggests. Get a Bankers Box storage box and a bunch of manila envelopes. Put all of your business receipts, including customer credit card transactions, in the envelope. Separate the receipts by month and year, put the receipts into manila envelopes marked by month and year, then put the manila envelopes in the Bankers Box storage box. Mark the outside of the Bankers Box "Business Receipts" and as you add the latest receipts in the manila envelopes, throw out the oldest one. You should have 84 envelopes in total when your filing system is at maximum required.
The sad thing is for all that work, if you are ever audited and you drown the auditor in such paperwork, they usually give in. Show that you don't have all the paperwork and they will consume you like a lion devours fresh meat."With God's help, all things are possible!"
Laura Lee Ray
I am kats_melody on eGroomer. Follow my Twitter tweets - @ZOOMGROOM on Twitter.com
Comment
Comment