Accounting and Book keeping FAQs

1. What kind of records must be kept for business?

You must keep sufficient records to enable the assessable profits of your business to be readily ascertained. To confirm your calculations, your business records must include:

• Stocktake figures
• Lists of debtors and creditors
• A record of the assets and liabilities of your business
• The books of accounts recording receipts and payments, or income and expenditure
• The underlying documentation necessary to verify the entries in the books of accounts; such as vouchers, bank statements,
  invoices, receipts and other relevant papers
• A day by day record of all sums of money received and expended by your trade, profession or business together with supporting details of the receipts or payments