Keeping old business documents.

[Mars]

How long do I need to keep invoices and so on from my business?
And can I just scan them in and keep digital copies or do I need to keep the original documents?

 

[blunomore]

For SARS purposes, afaik you need to keep record for 5 years. I am sure Celine can confirm this.

 

[chrisc]

Yes, spot on. Scanned documents are fine. This is how Old Mutual do it

 

[Mars]

ok awesome.

Do I need to keep everything? ie: Invoices, supplier invoice ect..?

 

[Mars]

I have just been told by the Document Warehouse that it was changed to 7 years last year. Can anyone confirm this?

 

[Ice2Cool]

I have just been told by the Document Warehouse that it was changed to 7 years last year. Can anyone confirm this?

See the attachment from SARS. Doesnt say if electronic is acceptable but tells you how long to keep documents.

 

[IzZzy]

I have just been told by the Document Warehouse that it was changed to 7 years last year. Can anyone confirm this?

I can confirm. Section 24(1)(b) of the 2008 Companies Act requires one to keep any "documents, accounts, books, writing, records or other information that a company is required to keep in terms of this Act or any other public regulation" for a period of 7 years.

 

[Griz]

Companies Act requires documents to be kept for 7 years.

 

[mister]

Last time I checked you had to keep the originals even if you kept a scanned copy.

 

[Celine]

NO! you need to keep them for as long as possible. 10 years is the requirement. just remember SARS can go back as long as they wish to. there is no prescribed period if they feel they can make a case against you and if you don't have supporting documents you are screwed at first base.

 

[blunomore]

This is depressing. Where do you store all this stuf?!!

 

[IzZzy]

This is depressing. Where do you store all this stuf?!!

Metrofile is making a killing...

 

[patrick]

So it has to be paper? Scans no good? What if the original invoice was just an emailed PDF?