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For businesses and employers Ngā pakihi me ngā kaiwhakawhiwhi mahi

Banking records and drawings

For clear banking records it helps to have a separate bank account just for your business dealings. All business transactions should go through this account. You might also consider opening a savings account for your future tax payments.

Keep all the following banking records:

  • Cheque books - record the full details on the cheque butt as you write out each cheque.
  • Deposit books - record the full details. Many businesses use large deposit books, which are available from your bank.
  • Bank statements from both your business and private accounts. Arranging with your bank to issue your statement on the last day of each month may help you in preparing your GST returns and in reconciling your bank statements with your cashbook.

 

You must keep these records for seven years from the year that they were created.

Electronic records

If you are storing records on a computer and/or using electronic banking services, you must continue to keep all relevant paper records (eg, bank statements). Also take care to keep adequate back-up copies of your important electronic records (additional disk copies or print-outs).

Withdrawing money for personal use (drawings) and introducing personal funds

Clearly identify any money you withdraw from your business account for personal use. Label it as "personal drawings".

Clearly identify any money you introduce to the business from your own personal funds. Label it as "personal funds introduced".