Please add a comment on how many days or years your business would like to retain paid invoices in Accounts Payable, why you would need to retain the information this long and how you might use this historical information in your business.
by: Roberta V. | over a year ago | Financial Management
Comments
Our company would likely retain for seven years. We have had vendors call more than three years later questioning payment of an invoice. They have been paid or been paid and vendor returned check stating not owed then later called because it hadn't been paid.
We will also have questions as to where a specific item was coded. If the invoice is no longer accessible, we have to pull the paper.
I like the idea of keeping the data for 999 days. I often have to create reports comparing today's sales in certain areas to the sales in prior years. Being able to access this data is extremely important to our business and our ability to assess our sales territories.
I would prefer this setting to be based on years, not days.
For tax purposes, accounting records should be retained for 7 years. After that the government doesn't care. We actually archive our data every year and store it, so if we ever need to go back to something older then 7 we can load it.
Diffinately need 7 years of history in all modules, if you've ever been through a B&O Tax audit you need to have that history.
Our company does property management in Illinois and we are required to keep 10 years of records for our clients.
In the Sage 100cloud 2020 release you will be able to retain 9999 months of paid invoices.