Tag Archive for recordkeeping

How Long to Keep Tax/Financial Records?

The definitive guide to retaining records, straight from the IRS How long should I keep my records? The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until…

Retail Bookkeeping: End of Day Reporting

No matter what cash register, software, or point of sale system you may be using for the store, you should be pulling daily reports from it that can be used to reconcile your daily sales and enter other critical financial information into your Quickbooks company file.
This not is the only way to get accurate financial statements that will present a complete picture of your retail operation’s profitability and value, but it’s the most cost effective and common way for small businesses to manage their day to day bookkeeping.