Whether you are a business owner or you are running a non-profit, business records there, bank statements, real estate and equipment leases, invoices, including tax returns and W-2 forms that you legally bound to maintain are several types. Record retention laws, it is not smart business. Right length of time for you to maintain accurate records, you could run into serious problems. For example, with a seller yourself unable to get to a billing issue is clear. Headaches you may encounter. If there is some sort of insurance issues, you have to prove yourself that you have suffered some kind of business can find unable to. And on and on.

Record retention guidelines (how long you need to maintain each type of record) record type vary. Here are just a few examples:

Bank statement - 7 years
Budget - 3 years
Czech Register - 10 years
Corporate contracts - 20 years after the end of
Depreciation Schedules - 7 years after the settlement of the underlying asset
Expense report - 5 years
Petty Cash - 3 years
Sales Invoice - 7 years
Sales (cash and charge) slips - 7 years
Permanent - tax (property, income, gift,) gives
W 2-7 years

Remember, this is just a partial list. If you completely clear about which records to maintain and / or how long you need to maintain them are not, you should consult with your accounting firm.


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