Do I need to keep paper records even if I am using quickbooks.

Hi there, hsran1989.

QuickBooks Online is cloud-based financial management software. It's designed to slash the time you spend managing your business finances, by helping you with tasks. And, it gives you what you need most to run your business, all in one place. Businesses run better with QuickBooks. Track expenses, manage cash flow & create invoices.

Yes, you'll have to keep your paper records even if you're using Quickbooks. I can see that keeping paper records and digital online can add time to your everyday's work. However, doing this is better so you have a copy of your transactions.

You can also check this article to see training videos and other resources to help you get up and running with QBO: Getting started with QuickBooks Online. This article also contains steps on how to create transactions in the software.

Please know that you're always welcome to post if you have any other concerns. Wishing you and your business continued success.

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@hsran1989 wrote:
It seems like i am doing double work, keeping paper records and digital online.

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yes, that is the simple answer

You need to keep either the receipt or an electronic copy (pdf) of all transactions.

QBO does not have a back up at all from the user perspective. And when you close your account Intuit will only save the company data as a read only file for one year, then it is deleted - which does not help if an audit occurs in year 2 or 3.

Intuit backs the servers up, but can not restore your specific file from that back up

I agree that lacking a user backup of an entirely digital record is a disaster in the making.

You do not necessarily have to print out annual or quarterly reports or even individual transactions but anything that can be printed can also be saved by the user as a pdf, excel or other self managed and stored digital record.

Many people scan original documents and store just their digital copy. Many documents arrive in digital form. There is no need to print an invoice that arrives in your email if you save the pdf. It is a way of reducing paper yet keeping g a "paper trail" from which records can be reconstructed