[GNC] U.S. Small Biz Question: Keeping Original Printed FI Statements

Greg Feneis mfeneis at gmail.com
Sun Sep 15 13:45:25 EDT 2019


Hi Folks,

I started a sole proprietorship in the US in 1997.  Based on my best
understanding of advice I got back then, I've always kept/stored paper
financial statements, cash receipts, etc. in case a taxing entity audits
me.

If any of you in the US has been audited recently, and don't mind writing
about it, did they require everything be printed on paper for them to look
at?  Did they require everything be the originally printed paper item
issued by the financial institution or actual receipt from the vendor,
etc.?

I'd really like to switch to digital storage of things (paperless as the
FI's like to promote to me, nearly to the point of harassment), and I
suppose I could print stored documents, whether PDF from the financial
institution's web site or scanned invoice or receipt from a vendor, if
required, when and if I ever actually get audited.

Digital storage would allow me to reference various items directly from
transactions in GnuCash, which would be very handy.

You're thoughts are appreciated.

Kind regards,

Greg Feneis


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