Hello,
I've been told by my new bookkeeper that I need to keep all my paper invoices our office hand-write, but I usually input them into Quickbooks, e-mail them to customers, and six months later (with backup files of Quickbooks having been made) I recycle the paper versions. From what I've read, CRA needs 7 years to be kept, but in what format is acceptable? If I am audited, QB has all necessary information in terms of invoices, cheques, and pay stubs, so is there really any reason to keep additional versions of them?
Anything that is coming from an outside source, such as receipts, bills, or bank statements, I keep physical or scanned digital versions. This makes sense to me, since the CRA wants to cross-reference and make sure I didn't make a mistake/make up transactions.
I don't quite understand why I would need anything besides QB to show invoices/cheques/etc, so please let me know if I *legally* do indeed need more records than this. My old bookkeeper didn't say it was necessary, but that doesn't mean it is right.
Thanks!
