A Record Keeping Guide for Micro & Small Businesses

Description

TABLE OF CONTENTS
ABOUT THIS GUIDE ……………………………………………………………………………………………………. 5
DISCLAIMER……………………………………………………………………………………………………………….. 6
ABOUT THE AUTHOR …………………………………………………………………………………………………. 7
INTRODUCTION ………………………………………………………………………………………………………….. 9
01 HOW MONEY FLOWS THROUGH A BUSINESS ……………………………………………………. 10
02 KEEPING GOOD BUSINESS RECORDS………………………………………………………………….. 12
03 OTHER REASONS TO KEEP GOOD RECORDS………………………………………………………. 13
04 SOME ADVICE FOR RECORD KEEPING ……………………………………………………………….. 15
05 DECIDING WHETHER YOU SHOULD KEEP ELECTRONIC OR MANUAL RECORDS 16
06 RETENTION OF YOUR RECORDS …………………………………………………………………………. 18
07 RECORDS THAT MUST BE KEPT BY ALL BUSINESSES ………………………………………. 20
Additional Records – Businesses Dealing in Goods………………………………………………………… 21
Additional Records – Businesses Providing Services ……………………………………………………… 22
08 HOW TO KEEP YOUR RECORDS…………………………………………………………………………… 23
09 BANKING RECORDS……………………………………………………………………………………………… 25
10 RECORDS OF INCOME ………………………………………………………………………………………….. 28
Other Methods for Recording Cash Sales……………………………………………………………………… 30
11 RECORDS OF PURCHASES AND EXPENSES ………………………………………………………… 32
12 KEEPING RECORDS OF YOUR ASSETS ………………………………………………………………… 36
13 CASH RECEIVED AND EXPENDED ………………………………………………………………………. 38
14 END OF THE ACCOUNTING PERIOD…………………………………………………………………….. 39
15 ELECTRONIC RECORD KEEPING REQUIREMENTS …………………………………………….. 42
16 BUSINESS RECORDS YOU MUST KEEP ……………………………………………………………….. 44
17 INCOME TAX RECORDS……………………………………………………………………………………….. 46
Do’s and Don’ts of VAT………………………………………………………………………………………………… 52
18 TIPS FOR HEALTHY RECORD KEEPING ………………………………………………………………. 53