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Daycare and Taxes>For Tom: Do I Have to Use a ck Register?
legomom922 06:42 AM 10-20-2010
Ever since the Debit card was born, I have not used a ckbook..Seriously...I havent used one in over 14 yrs...I just go by my online transactions everyday. So in case of an audit, what would happen if I didnt have one but had all my bank statements? Do I HAVE to use a ck register? I just dont have time..I have kids here till 630, make dinner, eat dinner, take care of my own kids, and I am in bed by 9pm...exhausted..So I seriously think I would not have time to balance & maintain a ck book! I cant even keep up with MMK!!
DancingQueen 08:41 AM 10-20-2010
Originally Posted by :
I cant even keep up with MMK!!
obviously neither can I LOL
It is my goal for the week and that is why I have a million questions.
TomCopeland 02:22 PM 10-20-2010
You are not required to have a checkbook. You are required to keep "adequate records" of your business income and expenses. An adequate record for an expense would be a receipt, credit/debit card statement, written record, photograph, etc. Ideally, you want receipts for all expenses.
Tags:audit, mmk, money management, record keeping, tom copeland
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