Why is it Important to Save Financial Transactions?

[Suba]

Business transactions are all activities that can be measured in money and will have an impact on the company's financial position. Financial transactions are not only cash but also non-cash and credit transactions. So in business there are several types of transaction evidence such as invoices, notes, checks, slips, receipts, bank transfers and employee salary slips, bank statements, receipts, etc. The proof of transaction will include the amount of money, transaction date, name of the giver, name of the recipient, price of goods, total transaction, etc.

 

[Augusta]

Yes, business transactions needs to be documented and saved for the future. There might come a time you might be needing it for future purpose.

 

[Suba]

Yes, business transactions needs to be documented and saved for the future. There might come a time you might be needing it for future purpose.

You are right, we must save financial transactions for the future, and will definitely be needed, especially during tax audits, as well as for financial evaluation or audit purposes which are really needed by managers, owners and investors.

 

[neku]

It is important to save details of the financial transactions for planning personal finances and also while filing tax returns, especially for business owners, to calculate their profit or loss.

 

[Augusta]

You wouldn't need to talk too much as you have your evidence when the need arise for them to be seen.

 

[King Belieal]

You can easily reference the saved financial transaction later if there are doubts. Saved financial transactions are also used to prepare account statements.

 

[Springtime]

Yes, we need to keep a proper record of all our financial transactions for audit purposes and tax reporting.