Accounting records are key sources of

information Information is an Abstraction, abstract concept that refers to something which has the power Communication, to inform. At the most fundamental level, it pertains to the Interpretation (philosophy), interpretation (perhaps Interpretation (log ...

and evidence used to prepare, verify and/or audit the

financial statement Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to un ...

s. They also include documentation to prove

asset In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can b ...

ownership for creation of liabilities and proof of monetary and non monetary transactions. Accounting records can take on many forms and include (among other camps): *

Ledger A ledger is a book or collection of accounts in which accounting transactions are recorded. Each account has: * an opening or brought-forward balance; *a list of transactions, each recorded as either a debit or credit in separate columns (usu ...

s * Journals *

Bank statement A bank statement is an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution. Such statements are prepared by the financial institution, are nu ...

s *

Contract A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of thos ...

s and agreements *Verification statements *Transportation

receipt A receipt (also known as a packing list, packing slip, packaging slip, (delivery) docket, shipping list, delivery list, bill of the parcel, Manifest (transportation), manifest, or customer receipt) is a document acknowledging that something h ...

s *

Invoice An invoice, bill, tab, or bill of costs is a commercial document that includes an itemized list of goods or services furnished by a seller to a buyer relating to a sale transaction, that usually specifies the price and terms of sale, quanti ...

s *

Voucher A voucher is a bond of the redeemable transaction type which is worth a certain money, monetary value and which may be spent only for specific reasons or on specific goods. Examples include house, housing, travel, and food vouchers. The term vou ...

s Accounting documents or document records regroup every

document A document is a writing, written, drawing, drawn, presented, or memorialized representation of thought, often the manifestation of nonfiction, non-fictional, as well as fictional, content. The word originates from the Latin ', which denotes ...

that plays a role in the preparation of

financial statements Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to un ...

for a company, like income statements and balance sheets. They include records of monetary transactions, assets and liabilities, ledgers, journals, etc. Accounting documents and records are the physical objects upon which transactions are entered and summarized. Examples include such items as cancelled checks, paid bills, payrolls, subsidiary ledgers, bank reconciliations. Accounting records can be in physical or electronic formats. In some states, accounting bodies set rules on dealing with records from a presentation of financial statements or

auditing An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." Auditing al ...

perspective. Rules vary in different countries and different industries have specific record-keeping requirements. Accounting records are important for all types of accounting including

financial accounting Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of Financial statement audit, financial statements available for pu ...

cost accounting Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includ ...

as well as for different types of organizations

corporations A corporation or body corporate is an individual or a group of people, such as an association or company, that has been authorized by the State (polity), state to act as a single entity (a legal entity recognized by private and public law as ...

, partnerships, LLCs, and for not for profits or for profits.

United States

In the U.S., the IRS prescribes the duration for which the accounting records need to be maintained and provides records retention guidelines in Code Section 6001 and Publication 583. Some records such as CPAs' and auditors' statements are considered permanent records, while some such as a list of accounts payable and employment applications are generally only required to be kept for seven or three years respectively.

India

The companies in the soda ash industry in India are required to follow guideline

prescribed by the Institute of Cost and Works Accountants of India (ICWA

References

{{Reflist Accounting journals and ledgers Accounting source documents