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Accounting for tax: Records to keep
The structure of your organisation will determine which records you'll need to keep, but you'll need to keep enough records to calculate your income and expenses and to confirm your accounts. The following is a list of some of the most common types of information that should be kept:
- banking - cheque books, deposit books, bank statements
- any income - invoices, credit card sales, debit and credit notes
- any expenses - invoices for purchases, credit card purchases
- cashbooks, petty cashbooks and wagebooks.
- vehicle - mileage logbooks, maintenance receipts and petrol receipts
- books of account that record receipts and payments, such as journals and ledgers
- details of entertainment expenses for clients, staff or suppliers
- till tapes and day books
- stocktake figures
- list of debtors and creditors
- interest and dividend statements
- list of assets and liabilities
- depreciation schedules
- final profit and loss statements and balance sheets
- electronic versions of any of the above
Additional records you will have as a Māori authority
You'll need to keep a record of members or shareholders as well as a Māori authority credit account. This topic is covered in detail in the section, "Māori authority credits".
Need more help?
If you need assistance with your record keeping, make an appointment for free advice from a Kaitakawaenga Māori. Choose "Arrange a business advisory visit from Inland Revenue" under "Get it done online".