Daily Law Group
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How can you organize and document business transactions?

If you own your own business in California, chances are you are faced with hundreds of important decisions to make every year. Often, you may need to refer back to notes or contracts that have been previously made for reference in making upcoming decisions. In fact, all of your business transactions should be safely recorded in an organized manner and filed with other important documents. This sensitive information should be kept in a place where it will be safe and accessible only to those who have a reason to access the data. 

According to the International Revenue Service, there are several ways in which you can document business transactions. Your record-keeping process could utilize multiple methods depending on your preference and how frequent your business transactions are. For example, you may use any of the following:

  • Check disbursements journal
  • Employee compensation records
  • Business checkbook
  • Depreciation worksheet
  • Summary of cash receipts

While it is important to maintain ledgers that reflect all of your financial transactions, you should also make sure that this important information is stored in an electronic file that can be easily maintained and accessed for tax purposes. Because record-keeping can be challenging if not completed routinely, it is critical that you work it into your daily responsibilities as a business owner. Taking a few moments to record a business transaction will be a lot easier than trying to remember exactly what happened two months later. Your local office supply store should carry a variety of different ledgers and journals that you can purchase for convenient record-keeping. 

The information in this article is intended for educational purposes only and should not be taken as legal advice. 

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