Cash document retention periods

Cash records and cash operation journals are accounting documents that must be retained for a set period. Improper retention can cause problems during an inspection.

What these documents are

Cash documents include cash records (cash books), cash receipt and payment orders, and cash operation journals. They substantiate the movement of cash within the company.

Retention periods

Accounting documents are retained for the period set by law — most documents are subject to long, multi-year or ten-year periods, depending on the type of document. The exact period should be verified against the applicable rules.

Why it matters

• documents may be required for a tax or other inspection;
• they substantiate business operations and accounting entries;
• orderly retention reduces the risk of losing evidence.

We recommend having a clear document retention and archiving procedure — both on paper and electronically.