Quick answer
A small business should keep records of income, expenses, receipts, invoices, bills, customers, vendors, categories, and reports. Exact legal retention requirements can vary, so confirm tax and compliance rules with a qualified professional or official guidance.
Core bookkeeping records
- Income records showing who paid, when, and how much.
- Expense records showing vendor, date, amount, and category.
- Invoices sent to customers and payment status.
- Bills received from vendors and payment status.
- Customer and vendor contact details.
For the broader basics, see what is bookkeeping and bookkeeping for beginners.
Supporting documents
Supporting documents help explain the records. Receipts, invoice copies, bills, statements, contracts, and notes can make later review easier. Jeramyl's receipt scanning workflow helps attach receipts to expense records after review.
| Record type | What it supports |
|---|---|
| Receipt | Expense amount, vendor, date, and context. |
| Invoice | Customer sale and payment status. |
| Bill | Vendor obligation and due date. |
| Report | Periodic review of income, expenses, profit, and cash flow. |
Records that help review
Good bookkeeping does not stop when a record is added. Review categories, missing receipts, unpaid invoices, upcoming bills, and reports regularly. The small business bookkeeping checklist can help make that review repeatable.
This guide is for bookkeeping organization. It is not legal, tax, or accounting advice.
FAQ
Retention requirements can vary by record type, jurisdiction, and situation. Confirm requirements with official guidance or a qualified professional.
Digital receipts are often useful for bookkeeping review, but requirements can vary. Keep records clear, readable, and connected to the related expense.
Income, expenses, receipts, invoices, bills, categories, and basic reports are usually the most important records for monthly review.