Supporting Transaction Records
Professional CRA compliant supporting transaction records for Canadian businesses. Complete documentation of all financial activities.
The Foundation of Supporting Transaction Records
Complete CRA compliant transaction records provide audit trails for every business activity.
Why Supporting Transaction Records Are Essential
Supporting transaction records form the foundation of CRA compliance. Every transaction your business conducts must be documented with sufficient detail to withstand CRA scrutiny during audits. Without complete records, CRA may disallow deductions or assess additional tax.
Our supporting transaction records services ensure every business activity is properly documented. We organize records systematically, creating clear audit trails that connect transactions to supporting documents such as invoices, receipts, contracts, and bank records.
The CRA compliant approach means records are maintained according to CRA standards for retention periods (minimum six years for most records) and accessibility (readily retrievable when CRA requests them). This preparedness ensures your business can respond quickly to any CRA inquiry.
Types of Supporting Transaction Records We Manage
Complete CRA compliant transaction record solutions for all business documentation needs.
Sales Invoice Records
Our supporting transaction records include comprehensive sales invoice documentation. Every sale is recorded with customer details, amounts, dates, and supporting documents such as signed contracts or agreements.
The sales invoice records we maintain are cross-referenced to bank deposits, accounts receivable, and income tax filings. This comprehensive tracing ensures CRA can verify that reported income matches actual business activities and bank records.
CRA compliant invoice management includes proper categorization of sales types, tax collected on each transaction, and supporting documentation for any unusual or large transactions. This detail level is crucial during income verification audits.
Purchase Invoice Records
Purchase documentation is critical component of supporting transaction records. Every purchase, expense, and cost is documented with supplier information, descriptions, amounts, and proof of payment.
The purchase invoice records include detailed descriptions of goods or services purchased, tax amounts paid, and classification by expense category (cost of goods sold, operating expenses, capital expenditures). This organization supports expense deduction claims during audits.
CRA compliant purchase documentation ensures all expense deductions are supported by legitimate business expenses. This prevents CRA from disallowing deductions for expenses that appear personal, unreasonable, or improperly documented.
Bank Statement Organization
Bank statements are essential supporting transaction records that verify all business banking activity. We organize statements chronologically, reconcile them to accounting records, and maintain supporting detail for every transaction.
The bank statement organization includes identification of deposits, withdrawals, transfers, and electronic payments. Each bank transaction is matched to corresponding sales or purchase records, creating complete audit trails that CRA can follow from bank account to source documentation.
CRA compliant bank record management includes reconciliation reports that verify account balances and identify any discrepancies. These reconciliations demonstrate account accuracy and provide explanations for any unreconciled items.
Receipt and Voucher Systems
Comprehensive receipt management is vital supporting transaction records system. We organize and categorize all receipts, cash vouchers, and payment documentation to create complete expense trails.
The receipt and voucher systems include proper filing of receipts by expense type, date, and payment method. Electronic receipts are preserved and organized alongside physical receipts, ensuring all business expenditures are documented regardless of payment method.
CRA compliant receipt management ensures small expenses and cash purchases are documented just as thoroughly as large purchases. This comprehensive approach prevents CRA from challenging expense claims due to insufficient documentation.
Ready for Professional Supporting Transaction Records?
Ensure your business has complete CRA compliant transaction records. Contact us today.