https://ttlc.intuit.com/community/self-employed-group/discussion/re-small-on-line-business-support-documents/01/2368421#M3186 <P>According to <STRONG>IRS</STRONG>, p<SPAN>urchases, sales, payroll, and other transactions you have in your business will generate supporting documents. Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks.</SPAN></P> <P><SPAN>Specifically to your question, you should keep a record of each purchase and sale in the course of your business. If you are using a credit card for purchases, the <STRONG>credit card statements</STRONG> qualify as satisfying&nbsp;the record keeping requirements. You ay be using a <STRONG>merchant processor</STRONG> to accept credit card as payments for your sales, that will satisfy the record keeping requirements for&nbsp;sales.&nbsp; Any online account that you are using to sell will&nbsp;have a list of <STRONG>account transactions</STRONG> and that is a way to satisfy record keeping requirement.</SPAN></P> <P><SPAN>Basically, anything that can provide details of the income and expenses incurred in your business is qualified for record keeping.&nbsp;</SPAN></P> <P><SPAN>Documents for <STRONG>gross receipts</STRONG> include the following:</SPAN></P> <UL type="circle"> <LI>Cash register tapes</LI> <LI>Deposit information (cash and credit sales)</LI> <LI>Receipt books</LI> <LI>Invoices</LI> <LI>Forms 1099-MISC</LI> </UL> <P><SPAN>Documents for<STRONG> purchases</STRONG> include the following:</SPAN></P> <UL> <LI>Canceled checks or other documents reflecting proof of payment/electronic funds transferred</LI> <LI>Cash register tape receipts</LI> <LI>Credit card receipts and statements</LI> <LI>Invoices</LI> </UL> <H1 class="pup-page-node-type-article-page__title"><FONT size="4"><A href="https://www.irs.gov/businesses/small-businesses-self-employed/what-kind-of-records-should-i-keep" target="_self">What kind of records should I keep</A></FONT></H1> Wed, 27 Oct 2021 17:41:49 GMT Anonymous 2021-10-27T17:41:49Z https://ttlc.intuit.com/community/self-employed-group/discussion/small-on-line-business-support-documents/01/2368214#M3185 <P>Hello,</P><P>&nbsp;</P><P>I've started a small on-line business, buying and selling music CDs. &nbsp;I usually keep totals for sales and receipts &nbsp;for purchases for each month, but do not keep records for individual CD sales. &nbsp;My question is whether I need to keep records for purchases and sales of each individual music CD or are monthly/annual summaries adequate documentation?</P><P>&nbsp;</P><P>Thank you!</P> Wed, 27 Oct 2021 16:46:36 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/small-on-line-business-support-documents/01/2368214#M3185 Paul122853 2021-10-27T16:46:36Z https://ttlc.intuit.com/community/self-employed-group/discussion/re-small-on-line-business-support-documents/01/2368421#M3186 <P>According to <STRONG>IRS</STRONG>, p<SPAN>urchases, sales, payroll, and other transactions you have in your business will generate supporting documents. Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks.</SPAN></P> <P><SPAN>Specifically to your question, you should keep a record of each purchase and sale in the course of your business. If you are using a credit card for purchases, the <STRONG>credit card statements</STRONG> qualify as satisfying&nbsp;the record keeping requirements. You ay be using a <STRONG>merchant processor</STRONG> to accept credit card as payments for your sales, that will satisfy the record keeping requirements for&nbsp;sales.&nbsp; Any online account that you are using to sell will&nbsp;have a list of <STRONG>account transactions</STRONG> and that is a way to satisfy record keeping requirement.</SPAN></P> <P><SPAN>Basically, anything that can provide details of the income and expenses incurred in your business is qualified for record keeping.&nbsp;</SPAN></P> <P><SPAN>Documents for <STRONG>gross receipts</STRONG> include the following:</SPAN></P> <UL type="circle"> <LI>Cash register tapes</LI> <LI>Deposit information (cash and credit sales)</LI> <LI>Receipt books</LI> <LI>Invoices</LI> <LI>Forms 1099-MISC</LI> </UL> <P><SPAN>Documents for<STRONG> purchases</STRONG> include the following:</SPAN></P> <UL> <LI>Canceled checks or other documents reflecting proof of payment/electronic funds transferred</LI> <LI>Cash register tape receipts</LI> <LI>Credit card receipts and statements</LI> <LI>Invoices</LI> </UL> <H1 class="pup-page-node-type-article-page__title"><FONT size="4"><A href="https://www.irs.gov/businesses/small-businesses-self-employed/what-kind-of-records-should-i-keep" target="_self">What kind of records should I keep</A></FONT></H1> Wed, 27 Oct 2021 17:41:49 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-small-on-line-business-support-documents/01/2368421#M3186 Anonymous 2021-10-27T17:41:49Z