Accounting records

For topics that are specific to the UK and Ireland, please go here
Jenster
Posts: 454
Joined: Tue Mar 08, 2016 8:24 am
Location: Cornwall
Contact:

Accounting records

Post by Jenster »

Not sure if this is the right place for this, but I am trying to simplify my accounting system. Is it OK to hold records of bookings, payment requests and acknowledgements, payouts from listing sites etc in my (well organised) email system where they originated? Or should I download and save local copies as PDFs? Similarly, all my bills (water, electric, phone etc) are held in my online accounts with these companies - is that enough or should I again hold downloaded local copies? I have a spreadsheet documenting all the transactions, it’s just the evidence I’m trying to work out how to store. Thanks
sparkJS
Posts: 58
Joined: Sun Nov 27, 2016 3:43 pm
Location: North Cornwall
Contact:

Post by sparkJS »

It doesn't really matter how you store your records so long as you can provide them if asked.

I save all PDF invoices and receipts on my bookkeeping system.
MG
Joanna
Posts: 1091
Joined: Thu Aug 23, 2007 3:12 pm
Location: Chester, North West England & Sidmouth, East Devon
Contact:

Post by Joanna »

I drag & drop email invoices & PDFs into folders for each financial year. I also download the PDF invoices for all the utilities. Mainly because I switch providers every year or so to get the best deals and after switching I've found that I can't get at the online statements any more.

If you're in the U.K. You need to be able to produce evidence for the last 6 years. It doesn't really matter how you store it as long as you can find it if you need to. In 14 years of letting I've never had to present any old paperwork.
Jo

Joint owner of Baker's Cottage in Chester & Chandler's Cottage in Sidmouth
Jenster
Posts: 454
Joined: Tue Mar 08, 2016 8:24 am
Location: Cornwall
Contact:

Post by Jenster »

Thanks both. I think my debate with myself is whether my email system is safe enough or whether I really ought to have downloaded locally held copies of everything too. There’s no reason my email system should become inaccessible, but I’m paranoid I might not have access to it if needed!
ianh100
Posts: 598
Joined: Thu Jan 10, 2013 4:37 pm
Location: Sherborne Dorset

Post by ianh100 »

Considering the number of years we have to keep records (7?) I think it would make sense to have a copy in more than one location, technology changes fast and something that works today may not be available in 6 years time.
Lamb
Posts: 13
Joined: Sun Mar 13, 2011 7:07 pm
Location: Shropshire, UK
Contact:

Post by Lamb »

I agree with the previous posts. But I have a simple solution to solve your understandable concerns.

Simply open another email account, with different provider just to be sure. Then automatically forward all incoming emails from your main account to your new account. Then forget about it until your email fails.

I did this 15 years ago and just occasionally it has been a life saver! (Not ever been asked by HMRC, but you never know.)
Post Reply