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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 2308
Experience:  Certified Public Accountant
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I do the bookkeeping for our small business. CASH

Customer Question

I do the bookkeeping for our small business. CASH ACCOUNTING. #2 pencil & spreadsheet. I'm trying to cut back paper! Do I need to keep all the paper overdraft notices? If they are posted on bank statements? In the slow months! This can be a bundle of annoying paper. Thanks. Right now! I'm buried alive! In OD envelops and paper. Been self employed over 40 years! I should ask? What do I need to keep? Thank you...
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: Not really? I do the posting. But keep every scrap of paper, notes invoices- cash or check... In California the amount of bookkeeping has reached the near impossible to keep up with. From NEW Hire.. Just NO END TO MAIL. I seem to have the bad habit of keeping everything! I think I need to let some paper and envelopes go. Before I go nuts! lol
Submitted: 2 months ago.
Category: Finance
Expert:  Mark Taylor replied 2 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. Generally you would want to retain the receipts for 4 years. (Three years after the tax return is filed).

As far as the over draft notices - these would be reflected in the bank statements. This would be sufficient documentation if you ever needed to verify the expense in an audit.