How long should accounts payable records be kept?
Jackson Reed
Updated on January 01, 2026
7 years
Ideally, you need to retain accounts payable records for at least 7 years. However, if you can extend your retention period without adding to your business expenses, it’s always a good idea. The more documentation you have on hand, the better prepared you will be in the event of an Internal Revenue Service (IRS) audit.
How long do I need to keep vendor invoices?
Always keep receipts, bank statements, invoices, payroll records, and any other documentary evidence that supports an item of income, deduction, or credit shown on your tax return. Most supporting documents need to be kept for at least three years.
How long should I keep documents after closing my business?
From the date of filing, hold cancelled checks, bank deposit slips, credit card statements and general ledgers for at least three years. Hold bank statements, inventory records, invoices, sales records, cash register tapes, W-2s, 1099s, and other tax filing documents for at least six years.
Do you need to keep hard copies of invoices?
The answer is YES! The good news is that for most types of sales and expenses, a scanned copy of the invoice or receipt is acceptable. You’re allowed to keep your records on paper, digitally or as part of a software package. The main thing is that records are accurate, complete and readable.
How long do you need to keep hard copy invoices?
How Long Should You Keep Copies of Your Invoices and Business Records? You must keep your invoices and business records for 6 years.
How long do you need to keep old invoices?
The IRS recommends keeping invoices that will help substantiate business income or deductions during the entire statute of limitations for when the tax records can be changed or reviewed. This is generally three to seven years, depending on the circumstances.
How long should I keep old invoices?
Should I keep old P60s?
You should keep documents about your pay and tax, including: your P60 – if you’re in a job on 5 April, this shows your pay and tax for the tax year. form P11D – this shows your expenses and benefits, like a company car or health insurance. certificates for any Taxed Award Schemes.
