Keeping Books & Records
Companies must maintain books and records that accurately and completely reflect their business transactions.
Companies are required to maintain accurate financial records.
You must:
- Accurately and fully describe transactions in your records
- Keep accurate and transparent records of all expenses
- Itemize products and promotional activities in your records
- Keep contracts and proof of service/events in internal files
You must not:
- Create false records or documentation
- Create false accounts
- Hide payments or gifts in the cost of product or discounts offered
- Provide false documentation or other false information
- Create intentionally vague descriptions to hide improper payments or expenses
- Mischaracterize payments
How does this benefit you?
Maintaining accurate books and records will help you record business transactions in reasonable detail and help maintain an adequate system of internal accounting controls. Accurate books and records will assist your business with planning, budgeting, reporting and allocating resources.
The Retention period recommended to keep documentation is 5 years (3 years minimum). Please consult with the relevant experts within your company to determine the retention requirements (if applicable) in your jurisdiction, especially around personal data of individuals.
Important Note: The documents listed below are template materials and should be tailored appropriately by users to meet the compliance requirements and legal obligations applicable to their business.
Resources for you
Click on the name of the resource of your interest to download and customize it according to your needs.
Please refer to the following resources to conduct training sessions on Books & Records: