Should i keep voided checks

What issues arose in the process of resolving the obligation? How was it ultimately resolved? Make sure your procedures efficiently capture documentation for each step of the process. Subscribe to Email Updates. Follow Us. Recent Posts. Contact Us. Select the option with the Visa logo beside it, then just type in your debit card number. Void checks: save or shred? Ars Legatus Legionis et Subscriptor.

Record I shall, thanks! Richard Berg. Rold Gold. Originally posted by Richard Berg: quote:. When you keep almost daily tabs of all your financials, is there any need?

Originally posted by knowledge: Is there any real point in keeping track of check numbers? Posted: Thu Mar 20, pm. Posted: Fri Mar 21, am. Posted: Fri Mar 21, pm. The IRS can come after you for significant tax under-reporting for that length of time.

If you do your banking online, you might ask your bank to send you copies of tax-sensitive checks so you have a hard copy for your files. If a bank statement or cancelled check doesn't relate to an IRS item, you can shred it after one year. All requirements that apply to hard copy books and records also apply to electronic records. Purchases, sales, payroll, and other transactions you have in your business will generate supporting documents.

Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks. These documents contain the information you need to record in your books. It is important to keep these documents because they support the entries in your books and on your tax return. You should keep them in an orderly fashion and in a safe place.

For instance, organize them by year and type of income or expense. Travel, Transportation, Entertainment, and Gift Expenses If you deduct travel, entertainment, gift or transportation expenses, you must be able to prove substantiate certain elements of expenses.