Credit Card receipts

[TawnyKitty]

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!

[SiberianLover]

My dad chucks his from his restaurant after 3 months. I have all of mine for the last year still.

[Plexi]

I thought you had to keep business receipts for 5 yrs. use to be 7yrs.

[neanea]

i believe you have to keep business records 7 years, but not sure. Check the IRS website.

[kats_melody]

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.

[Briarpatch]

I keep the reports from the company that lists all the deposits, I shred the customer receipts after about 6 mos. I don't like having that information around.

[bednbones]

In CA

I was told keep them for 1 month until the statement arrives. The statements for 1 year. I keep them for 1 year to be safe and statements for 3.