This part explains why you must keep records, what kinds of records you must keep, and how to keep them. It also explains how long you must keep your records for federal tax purposes. A sample recordkeeping system is illustrated at the end.
Supporting Documents
Recording Business Transactions
Bookkeeping System
Daily Summary of Cash Receipts
Monthly Summary of Cash Receipts
Check Disbursements Journal
Employee Compensation Record
Annual Summary
Depreciation Worksheet
Bank Reconciliation
Information courtesy of the Internal Revenue Service.
Starting a Business and Keeping Records:
Introduction
What New Business Owners Need To Know
Forms of Business
Identification Numbers
Tax Year
Accounting Method
Business Taxes
Information Returns
Penalties
Business Expenses
Recordkeeping
How To Get More Information
