Starting up:
Books and records
All businesses should retain basic records, including:- A record of your sales and copies of sales invoices;
- A record of your purchases and expenses and copies of the relevant invoices;
- Details of any amounts that you personally pay into or take out of the business;
- Cash book, bank statements, cheque books and paying in books;
- Petty cash details;
- Fixed asset details;
- List of year end creditors, debtors and stock.
You should look to:
- File your invoices and correspondence in order;
- Record and analyse all your cash, credit card and bank transactions;
- Sub-total each page of your cash book and day books, providing totals at the end of each month;
- Reconcile your payment analysis book with your bank and credit card statements.
As a general rule we generally recommend that accounting records are retained for seven years. The guide below provides more detailed guidance.
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Where next?
Within Accounting systems ...Within Starting up ...
- Developing your business idea
- Your business structure
- Setting up
- Payroll and PAYE
- National Insurance contributions
- VAT
- Income tax
- Corporation tax
- Contact us about this issue
- Read about how we can help you & your family
- Request a meeting with us
