Good record keeping 101
IRD is warning individuals and businesses that more scrutiny is coming across the board, so ensuring your books are in order is key. It all starts with good record keeping. Here’s how to get it right.
- Keep all your records throughout the year, including all cash and non-cash sales and expenses.
- Make sure you keep all your records (including, but not limited to, all sales invoices, and any bills over $50) for seven years.
- Your records must be in English unless you have IRD’s approval to use another language
- If you store your records in the Cloud, make sure you or your cloud service provider has IRD’s approval.
