What to do with your bank records related to your business
Dealing with paperwork from various sources needs an effort on the part of the business owner and consumes a good deal of time. However, it should be done in order to prepare many documents such as your business tax and defend you in a dispute. Your bank statements are an important part of your business and therefore, you need to keep them organized.
Put all your monthly bank statements, cancelled checks, your used check books, any notes related to your balancing of the check book, any bank correspondence, all documents related to bank loans and other bank related paper work in a drawer according to the subject. If you use computer program such as QuickBooks, keep them after you enter data.
If you find any discrepancies when you review your monthly bank statement, call the bank immediately and correct the situation without delay.
Some suggest that you keep records for at least six years but if storage is not a problem, keep them until you sell or dispose of your business. Even after the sale of your business, you may want to keep them for several years before you destroy them permanently.
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