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IRS.gov Website
Publication 583
taxmap/pubs/p583-009.htm#en_us_publink1000253160

Recordkeeping(p11)

rule
This part explains why you must keep records, what kinds of records you must keep, and how to keep them. It also explains how long you must keep your records for federal tax purposes. A sample recordkeeping system is illustrated at the end of this part.
taxmap/pubs/p583-009.htm#en_us_publink1000253161

Why Keep Records?(p11)

rule
Everyone in business must keep records. Good records will help you do the following.
taxmap/pubs/p583-009.htm#en_us_publink1000253162

Monitor the progress of your business.(p11)

rule
You need good records to monitor the progress of your business. Records can show whether your business is improving, which items are selling, or what changes you need to make. Good records can increase the likelihood of business success.
taxmap/pubs/p583-009.htm#en_us_publink1000253163

Prepare your financial statements.(p11)

rule
You need good records to prepare accurate financial statements. These include income (profit and loss) statements and balance sheets. These statements can help you in dealing with your bank or creditors and help you manage your business.
taxmap/pubs/p583-009.htm#en_us_publink1000253164

Identify source of receipts.(p11)

rule
You will receive money or property from many sources. Your records can identify the source of your receipts. You need this information to separate business from nonbusiness receipts and taxable from nontaxable income.
taxmap/pubs/p583-009.htm#en_us_publink1000253165

Keep track of deductible expenses.(p11)

rule
You may forget expenses when you prepare your tax return unless you record them when they occur.
taxmap/pubs/p583-009.htm#en_us_publink1000253166

Prepare your tax returns.(p11)

rule
You need good records to prepare your tax returns. These records must support the income, expenses, and credits you report. Generally, these are the same records you use to monitor your business and prepare your financial statements.
taxmap/pubs/p583-009.htm#en_us_publink1000253167

Support items reported on tax returns.(p11)

rule
You must keep your business records available at all times for inspection by the IRS. If the IRS examines any of your tax returns, you may be asked to explain the items reported. A complete set of records will speed up the examination.
taxmap/pubs/p583-009.htm#en_us_publink1000253168

Kinds of Records To Keep(p11)

rule
Except in a few cases, the law does not require any specific kind of records. You can choose any recordkeeping system suited to your business that clearly shows your income and expenses.
The business you are in affects the type of records you need to keep for federal tax purposes. You should set up your recordkeeping system using an accounting method that clearly shows your income for your tax year. See Accounting Method, earlier. If you are in more than one business, you should keep a complete and separate set of records for each business. A corporation should keep minutes of board of directors' meetings.
Your recordkeeping system should include a summary of your business transactions. This summary is ordinarily made in your books (for example, accounting journals and ledgers). Your books must show your gross income, as well as your deductions and credits. For most small businesses, the business checkbook (discussed later) is the main source for entries in the business books. In addition, you must keep supporting documents, explained later.
taxmap/pubs/p583-009.htm#en_us_publink1000263132

Electronic records.(p11)

rule
All requirements that apply to hard copy books and records also apply to electronic storage systems that maintain tax books and records. When you replace hard copy books and records, you must maintain the electronic storage systems for as long as they are material to the administration of tax law. An electronic storage system is any system for preparing or keeping your records either by electronic imaging or by transfer to an electronic storage media. The electronic storage system must index, store, preserve, retrieve and reproduce the electronically stored books and records in legible format. All electronic storage systems must provide a complete and accurate record of your data that is accessible to the IRS. Electronic storage systems are also subject to the same controls and retention guidelines as those imposed on your original hard copy books and records.
The original hard copy books and records may be destroyed provided that the electronic storage system has been tested to establish that the hard copy books and records are being reproduced in compliance with IRS requirements for an electronic storage system and procedures are established to ensure continued compliance with all applicable rules and regulations. You still have the responsibility of retaining any other books and records that are required to be retained.
The IRS may test your electronic storage system, including the equipment used, indexing methodology, software and retrieval capabilities. This test is not considered an examination and the results must be shared with you. If your electronic storage system meets the requirements mentioned earlier, you will be in compliance. If not, you may be subject to penalties for non-compliance, unless you continue to maintain your original hard copy books and records in a manner that allows you and the IRS to determine your correct tax. For details on electronic storage system requirements, see Revenue Procedure 97-22, available in Internal Revenue Bulletin 1997-13.
taxmap/pubs/p583-009.htm#en_us_publink1000253169

Supporting Documents(p12)

rule
Purchases, sales, payroll, and other transactions you have in your business generate supporting documents. Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks. These documents contain information you need to record in your books.
It is important to keep these documents because they support the entries in your books and on your tax return. Keep them in an orderly fashion and in a safe place. For instance, organize them by year and type of income or expense.
taxmap/pubs/p583-009.htm#en_us_publink1000253170

Gross receipts.(p12)

rule
Gross receipts are the income you receive from your business. You should keep supporting documents that show the amounts and sources of your gross receipts. Documents that show gross receipts include the following.
taxmap/pubs/p583-009.htm#en_us_publink1000253171

Purchases.(p12)

rule
Purchases are the items you buy and resell to customers. If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into finished products. Your supporting documents should show the amount paid and that the amount was for purchases. Documents for purchases include the following. These records will help you determine the value of your inventory at the end of the year. See Publication 538 for information on methods for valuing inventory.
taxmap/pubs/p583-009.htm#en_us_publink1000253172

Expenses.(p12)

rule
Expenses are the costs you incur (other than purchases) to carry on your business. Your supporting documents should show the amount paid and that the amount was for a business expense. Documents for expenses include the following.
Deposit
A petty cash fund allows you to make small payments without having to write checks for small amounts. Each time you make a payment from this fund, you should make out a petty cash slip and attach it to your receipt as proof of payment.
taxmap/pubs/p583-009.htm#en_us_publink1000253174
Travel, transportation, entertainment, and gift expenses.(p12)
Specific recordkeeping rules apply to these expenses. For more information, see Publication 463.
taxmap/pubs/p583-009.htm#en_us_publink1000253175
Employment taxes.(p12)
There are specific employment tax records you must keep. For a list, see Publication 15.
taxmap/pubs/p583-009.htm#en_us_publink1000253176

Assets.(p12)

rule
Assets are the property, such as machinery and furniture you own and use in your business. You must keep records to verify certain information about your business assets. You need records to figure the annual depreciation and the gain or loss when you sell the assets. Your records should show the following information.
The following documents may show this information.
taxmap/pubs/p583-009.htm#en_us_publink1000253177

What if I don't have a canceled check?(p13)

rule
If you do not have a canceled check, you may be able to prove payment with certain financial account statements prepared by financial institutions. These include account statements prepared for the financial institution by a third party. These account statements must be highly legible. The following table lists acceptable account statements.
IF payment is by...THEN the statement must show the...
Check
  • Check number.
  • Amount.
  • Payee's name.
  • Date the check amount was posted to the account by the financial institution.
Electronic funds transfer
  • Amount transferred.
  • Payee's name.
  • Date the transfer was posted to the account by the financial institution.
Credit card
  • Amount charged.
  • Payee's name.
  • Transaction date.
EIC
Proof of payment of an amount, by itself, does not establish you are entitled to a tax deduction. You should also keep other documents, such as credit card sales slips and invoices, to show that you also incurred the cost.
taxmap/pubs/p583-009.htm#en_us_publink1000253180

Recording Business Transactions(p13)

rule
A good recordkeeping system includes a summary of your business transactions. (Your business transactions are shown on the supporting documents just discussed.) Business transactions are ordinarily summarized in books called journals and ledgers. You can buy them at your local stationery or office supply store.
A journal is a book where you record each business transaction shown on your supporting documents. You may have to keep separate journals for transactions that occur frequently.
A ledger is a book that contains the totals from all of your journals. It is organized into different accounts.
Whether you keep journals and ledgers and how you keep them depends on the type of business you are in. For example, a recordkeeping system for a small business might include the following items. The business checkbook is explained next. The other items are illustrated later under Sample Record System.
Deposit
The system you use to record business transactions will be more effective if you follow good recordkeeping practices. For example, record expenses when they occur, and identify the source of recorded receipts. Generally, it is best to record transactions on a daily basis.
taxmap/pubs/p583-009.htm#en_us_publink1000253182

Business checkbook.(p13)

rule
One of the first things you should do when you start a business is open a business checking account. You should keep your business account separate from your personal checking account.
The business checkbook is your basic source of information for recording your business expenses. You should deposit all daily receipts in your business checking account. You should check your account for errors by reconciling it. See Reconciling the checking account, later.
Consider using a checkbook that allows enough space to identify the source of deposits as business income, personal funds, or loans. You should also note on the deposit slip the source of the deposit and keep copies of all slips.
You should make all payments by check to document business expenses. Write checks payable to yourself only when making withdrawals from your business for personal use. Avoid writing checks payable to cash. If you must write a check for cash to pay a business expense, include the receipt for the cash payment in your records. If you cannot get a receipt for a cash payment, you should make an adequate explanation in your records at the time of payment.
Deposit
Use the business account for business purposes only. Indicate the source of deposits and the type of expense in the checkbook.
taxmap/pubs/p583-009.htm#en_us_publink1000253184
Reconciling the checking account.(p13)
When you receive your bank statement, make sure the statement, your checkbook, and your books agree. The statement balance may not agree with the balance in your checkbook and books if the statement:
By reconciling your checking account, you will:
Deposit
You should reconcile your checking account each month.
Before you reconcile your monthly bank statement, check your own figures. Begin with the balance shown in your checkbook at the end of the previous month. To this balance, add the total cash deposited during the month and subtract the total cash disbursements.
After checking your figures, the result should agree with your checkbook balance at the end of the month. If the result does not agree, you may have made an error in recording a check or deposit. You can find the error by doing the following.
  1. Adding the amounts on your check stubs and comparing that total with the total in the "amount of check" column in your check disbursements journal. If the totals do not agree, check the individual amounts to see if an error was made in your check stub record or in the related entry in your check disbursements journal.
  2. Adding the deposit amounts in your checkbook. Compare that total with the monthly total in your cash receipt book, if you have one. If the totals do not agree, check the individual amounts to find any errors.
If your checkbook and journal entries still disagree, then refigure the running balance in your checkbook to make sure additions and subtractions are correct.
When your checkbook balance agrees with the balance figured from the journal entries, you may begin reconciling your checkbook with the bank statement. Many banks print a reconciliation worksheet on the back of the statement.
To reconcile your account, follow these steps.
  1. Compare the deposits listed on the bank statement with the deposits shown in your checkbook. Note all differences in the dollar amounts.
  2. Compare each canceled check, including both check number and dollar amount, with the entry in your checkbook. Note all differences in the dollar amounts. Mark the check number in the checkbook as having cleared the bank. After accounting for all checks returned by the bank, those not marked in your checkbook are your outstanding checks.
  3. Prepare a bank reconciliation. One is illustrated later under Sample Record System.
  4. Update your checkbook and journals for items shown on the reconciliation as not recorded (such as service charges) or recorded incorrectly.
At this point, the adjusted bank statement balance should equal your adjusted checkbook balance. If you still have differences, check the previous steps to find the errors.
taxmap/pubs/p583-009.htm#id2011_id2011_f15150b03

Table 3. Period of Limitations

IF you... THEN the period is...
1. Owe additional tax and situations (2), (3), and (4), below, do not apply to you 3 years
2. Do not report income that you should report and it is more than 25% of the gross income shown on the return 6 years
3. File a fraudulent return Not limited
4. Do not file a return Not limited
5. File a claim for credit or refund after you filed your return Later of: 3 years or
2 years after tax
was paid
6. File a claim for a loss from worthless securities or a bad debt deduction 7 years
taxmap/pubs/p583-009.htm#en_us_publink1000253187

Bookkeeping System(p14)

rule
You must decide whether to use a single-entry or a double-entry bookkeeping system. The single-entry system of bookkeeping is the simplest to maintain, but it may not be suitable for everyone. You may find the double-entry system better because it has built-in checks and balances to assure accuracy and control.
taxmap/pubs/p583-009.htm#en_us_publink1000253188

Single-entry.(p14)

rule
A single-entry system is based on the income statement (profit or loss statement). It can be a simple and practical system if you are starting a small business. The system records the flow of income and expenses through the use of:
  1. A daily summary of cash receipts, and
  2. Monthly summaries of cash receipts and disbursements.
taxmap/pubs/p583-009.htm#en_us_publink1000253189

Double-entry.(p14)

rule
A double-entry bookkeeping system uses journals and ledgers. Transactions are first entered in a journal and then posted to ledger accounts. These accounts show income, expenses, assets (property a business owns), liabilities (debts of a business), and net worth (excess of assets over liabilities). You close income and expense accounts at the end of each tax year. You keep asset, liability, and net worth accounts open on a permanent basis.
In the double-entry system, each account has a left side for debits and a right side for credits. It is self-balancing because you record every transaction as a debit entry in one account and as a credit entry in another.
Under this system, the total debits must equal the total credits after you post the journal entries to the ledger accounts. If the amounts do not balance, you have made an error and you must find and correct it.
An example of a journal entry exhibiting a payment of rent in October is shown next.

General Journal

Date  Description of Entry Debit Credit
Oct. 5Rent expense780.00 
 Cash 780.00
    
    
taxmap/pubs/p583-009.htm#en_us_publink1000253191

Computerized System(p14)

rule
There are computer software packages you can use for recordkeeping. They can be purchased in many retail stores. These packages are very helpful and relatively easy to use; they require very little knowledge of bookkeeping and accounting.
If you use a computerized system, you must be able to produce sufficient legible records to support and verify entries made on your return and determine your correct tax liability. To meet this qualification, the machine-sensible records must reconcile with your books and return. These records must provide enough detail to identify the underlying source documents.
You must also keep all machine-sensible records and a complete description of the computerized portion of your recordkeeping system. This documentation must be sufficiently detailed to show all of the following items. See Revenue Procedure 98-25 in Cumulative Bulletin 1998-1 for more information.
taxmap/pubs/p583-009.htm#en_us_publink1000253194

How Long To Keep Records(p15)

rule
You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Generally, this means you must keep records that support an item of income or deduction on a return until the period of limitations for that return runs out.
The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax. Table 3 contains the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.
Deposit
Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.
taxmap/pubs/p583-009.htm#en_us_publink1000253196

Employment taxes.(p15)

rule
If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. For more information about recordkeeping for employment taxes, see Publication 15.
taxmap/pubs/p583-009.htm#en_us_publink1000253197

Assets.(p15)

rule
Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. You must keep these records to figure any depreciation, amortization, or depletion deduction, and to figure your basis for computing gain or loss when you sell or otherwise dispose of the property.
Generally, if you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up, increased by any money you paid. You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition.
taxmap/pubs/p583-009.htm#en_us_publink1000253198

Records for nontax purposes.(p15)

rule
When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does.
taxmap/pubs/p583-009.htm#en_us_publink1000253199

Sample Record System(p15)

rule
This example illustrates a single-entry system used by Henry Brown, who is the sole proprietor of a small automobile body shop. Henry uses part-time help, has no inventory of items held for sale, and uses the cash method of accounting.
These sample records should not be viewed as a recommendation of how to keep your records. They are intended only to show how one business keeps its records.
taxmap/pubs/p583-009.htm#en_us_publink1000253200

1. Daily Summary of Cash Receipts(p15)

rule
This summary is a record of cash sales for the day. It accounts for cash at the end of the day over the amount in the Change and Petty Cash Fund at the beginning of the day.
Henry takes the cash sales entry from his cash register tape. If he had no cash register, he would simply total his cash sale slips and any other cash received that day.
He carries the total receipts shown in this summary for January 3 ($267.80), including cash sales ($263.60) and sales tax ($4.20), to the Monthly Summary of Cash Receipts.
taxmap/pubs/p583-009.htm#en_us_publink1000253201

Petty cash fund.(p16)

rule
Henry uses a petty cash fund to make small payments without having to write checks for small amounts. Each time he makes a payment from this fund, he makes out a petty cash slip and attaches it to his receipt as proof of payment. He sets up a fixed amount ($50) in his petty cash fund. The total of the unspent petty cash and the amounts on the petty cash slips should equal the fixed amount of the fund. When the totals on the petty cash slips approach the fixed amount, he brings the cash in the fund back to the fixed amount by writing a check to "Petty Cash" for the total of the outstanding slips. (See the Check Disbursements Journal entry for check number 92.) This restores the fund to its fixed amount of $50. He then summarizes the slips and enters them in the proper columns in the monthly check disbursements journal.
taxmap/pubs/p583-009.htm#en_us_publink1000253202

2. Monthly Summary of Cash Receipts(p16)

rule
This shows the income activity for the month. Henry carries the total monthly net sales shown in this summary for January ($4,865.05) to his Annual Summary.
To figure total monthly net sales, Henry reduces the total monthly receipts by the sales tax imposed on his customers and turned over to the state. He cannot take a deduction for sales tax turned over to the state because he only collected the tax. He does not include the tax in his income.
taxmap/pubs/p583-009.htm#en_us_publink1000253203

3. Check Disbursements Journal(p16)

rule
Henry enters checks drawn on the business checking account in the Check Disbursements Journal each day. All checks are prenumbered and each check number is listed and accounted for in the column provided in the journal.
Frequent expenses have their own headings across the sheet. He enters in a separate column expenses that require comparatively numerous or large payments each month, such as materials, gross payroll, and rent. Under the General Accounts column, he enters small expenses that normally have only one or two monthly payments, such as licenses and postage.
Henry does not pay personal or nonbusiness expenses by checks drawn on the business account. If he did, he would record them in the journal, even though he could not deduct them as business expenses.
Henry carries the January total of expenses for materials ($1,083.50) to the Annual Summary. Similarly, he enters the monthly total of expenses for telephone, truck/auto, etc., in the appropriate columns of that summary.
taxmap/pubs/p583-009.htm#en_us_publink1000253204

4. Employee Compensation Record(p16)

rule
This record shows the following information. Henry carries the January gross payroll ($520) to the Annual Summary.
taxmap/pubs/p583-009.htm#en_us_publink1000253205

5. Annual Summary(p16)

rule
This annual summary of monthly cash receipts and expense totals provides the final amounts to enter on Henry's tax return. He figures the cash receipts total from the total of monthly cash receipts shown in the Monthly Summary of Cash Receipts. He figures the expense totals from the totals of monthly expense items shown in the Check Disbursements Journal.As in the journal, he keeps each major expense in a separate column.
Henry carries the cash receipts total shown in the annual summary ($47,440.95) to Part I of Schedule C (not illustrated). He carries the total for materials ($10,001.00) to Part II of Schedule C.
EIC
A business that keeps materials and supplies on hand generally must complete the inventory lines in Part III of Schedule C. However, there are no inventories of materials and supplies in this example. Henry buys parts and supplies on a per-job basis; he does not keep them on hand.
Henry enters annual totals for interest, rent, taxes, and wages on the appropriate lines in Part II of Schedule C. The total for taxes and licenses includes the employer's share of social security and Medicare taxes, and the business license fee. He enters the total of other annual business expenses on the "Other expenses" line of Schedule C.
taxmap/pubs/p583-009.htm#en_us_publink1000253207

6. Depreciation Worksheet(p16)

rule
This worksheet shows the information used in figuring the depreciation allowed on assets used in Henry's business. Henry figures the depreciation using the modified accelerated cost recovery system (MACRS). He purchased and placed in service several used assets that do not qualify for the section 179 deduction. Depreciation and the section 179 deduction are discussed in Publication 946. Henry uses the information in the worksheet to complete Form 4562, Depreciation and Amortization (not illustrated).
taxmap/pubs/p583-009.htm#en_us_publink1000253208

7. Bank Reconciliation(p16)

rule
Henry reconciles his checkbook with his bank statement and prepares a bank reconciliation for January as follows.
  1. Henry begins by entering his bank statement balance.
  2. Henry compares the deposits listed on the bank statement with deposits shown in his checkbook. Two deposits shown in his checkbook— $701.33 and $516.08—were not on his bank statement. He enters these two amounts on the bank reconciliation. He adds them to the bank statement balance of $1,458.12 to arrive at a subtotal of $2,675.53.
  3. After comparing each canceled check with his checkbook, Henry found four outstanding checks totaling $526.50. He subtracts this amount from the subtotal in (2). The result of $2,149.03 is the adjusted bank statement balance.
  4. Henry enters his checkbook balance on the bank reconciliation.
  5. Henry discovered that he mistakenly entered a deposit of $600.40 in his checkbook as $594.40. He adds the difference ($6.00) to the checkbook balance of $2,153.03. There was a $10.00 bank service charge on his bank statement that he subtracts from the checkbook balance. The result is the adjusted checkbook balance of $2,149.03. This equals his adjusted bank statement balance computed in (3).
The only book adjustment Henry needs to make is to the Check Disbursements Journalfor the $10 bank service charge. He does not need to adjust the Monthly Summary of Cash Receiptsbecause he correctly entered the January 8 deposit of $600.40 in that record.
taxmap/pubs/p583-009.htm#id2011_id2011_f15150b05

Daily Cash Receipts

taxmap/pubs/p583-009.htm#en_us_publink1000253209
taxmap/pubs/p583-009.htm#id2011_id2011_f15150b11

2. Monthly Summary of Cash Receipts

 Year  20— Month  January 

  
 Day Net Sales  Sales Tax  Daily Receipts  Deposit  
 3263.60 4.20 267.80    
 4212.00 3.39 215.39    
 5194.40 3.10 197.50 680.69  
 6222.40 3.54 225.94    
 7231.15 3.68 234.83    
 8137.50 2.13 139.63 600.40  
 10187.90 2.99 190.89    
 11207.56 3.31 210.87 401.76  
 12128.95 2.05 131.00    
 13231.40 3.77 235.17    
 14201.28 3.21 204.49    
 1588.01 1.40 89.41 660.07  
 17210.95 3.36 214.31    
 18221.80 3.53 225.33 439.64  
 19225.15 3.59 228.74    
 20221.93 3.52 225.45    
 21133.53 2.13 135.66 589.85  
 22130.84 2.08 132.92    
 24216.37 3.45 219.82 352.74  
 25220.05 3.50 223.55    
 26197.80 3.15 200.95    
 27272.49 4.34 276.83 701.33  
 28150.64 2.40 153.04    
 29224.05 3.56 227.61          
 31133.30 2.13 135.43 516.08  
 TOTALS4,865.05 77.51 4,942.56 4,942.56  
           
taxmap/pubs/p583-009.htm#id2011_id2011_f15150b07

3. Check Disbursements Journal

Year  20—   Month  January 
 
Day Paid ToCheck #Amount of CheckMaterialsGross PayrollFederal Withheld Income TaxFICA Social Security ReserveFICA Medicare Reserve
3 Dale Advertising7485.00          
4 City Treasurer7535.00          
4 Auto Parts, Inc.76203.00 203.00        
4 John E. Marks77214.11   260.00  (20.00) (16.12) (3.77)
6 Henry Brown78250.00          
6 Mike's Deli7936.00          
6 Joe's Service Station8074.50 29.50        
6 ABC Auto Paint81137.50 137.50        
7 Henry Brown82225.00          
14 Telephone Co.8327.00          
15 National Bank (Tax Deposit)84119.56     40.00 32.24  7.54
18 National Bank8590.09          
18 Auto Parts, Inc.86472.00 472.00        
18 Henry Brown87275.00          
18 John E. Marks88214.11   260.00  (20.00) (16.12) (3.77)
21 Electric Co.89175.30          
21 M.B. Ignition9066.70 66.70        
21 Baker's Fender Co.919.80 9.80        
21 Petty Cash9217.00 15.00        
21 Henry Brown93225.00          
25 Baker's Fender Co.94150.00 150.00        
25 Enterprise Properties95300.00          
25 State Treasurer9612.00          
25 State Treasurer9765.00          
    3,478.67 1,083.50 520.00  -0-   -0- -0-
  Bank service charge 10.00          
TOTALS   3,488.67 1,083.50 520.00  -0-   -0- -0-
               
taxmap/pubs/p583-009.htm#id2011_id2011_f15150b06

3. Check Disbursements Journal (Continued)

 
State Withheld Income Tax Employer's
FICA
Tax
ElectricInterest  RentTelephone Truck/AutoDrawing General Accounts
                 Advertising85.00
                 License35.00
                   
   (6.00)                 
               250.00    
                 Holiday Party36.00
             45.00     
                   
               225.00    
           27.00       
   
39.78
               
       18.09         Loan72.00
                   
               275.00    
  (6.00)                 
     175.30              
                   
                   
                 Postage2.00
               225.00    
                   
         300.00          
 12.00                 
                 Sales Tax65.00
-0-   39.78 175.30  18.09 300.00  27.00 45.00 975.00   295.00
                  10.00
-0-   39.78 175.30  18.09 300.00  27.00 45.00 975.00   305.00
taxmap/pubs/p583-009.htm#id2011_id2011_f15150b08

Employee Compensation

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taxmap/pubs/p583-009.htm#id2011_id2011_f15150b09

Bank Reconciliation

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