Business Structures and Books & Records

Books and records

If you are in business you are obliged to maintain books of accounts/books and records. See the following link in relation to this http://www.revenue.ie/en/business/running/keeping-records-revenue-audit.html#keeping. In addition you are obliged to keep these records for six years.

Maintaining books and records is easier and less time consuming than you think. All that is required is a system for recording what was bought and sold (generally based on invoices) during the year and how the funds for these transactions was dealt with (generally based on business bank account).

What you sell in your business will determine the type of records to be maintained but we advise and help our clients to set up simple systems to give us the following information.

  • All Bank statements for the accounts period and the first month after the year end
  • All cheque payment stubs for the same period.
  • Lodgment stubs for the same period and/or a record of the source of the lodgments in the bank account for the same period.
  • Copies of bank reconciliations for the period if applicable.
  • Credit card statements for the same period and the first month after the year end.
  • All sales invoices or sales book for the same period and the first month after the year end, in date order.
  • All purchase invoices or your purchases book for the same period and the first month after the year end, in date order.
  • Supplier statements as at the year-end in date order.
  • A copy of any lease/HP/Loan or finance agreement entered in to for the same period.
  • A copy of the stock listing and valuation at the year end.
  • Receipts or any other record of cash purchases during the year, in date order.
  • Documentation of any asset disposal (such as a car or machinery) during the year.
  • A copy of your P35 and gross to net payroll records for the year
  • A copy of your vat returns and source documentation during the year.