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Good record keeping is an important element of running a successful business. The law requires businesses to keep complete and adequate records for a period of at least five years. In general, records should be kept that provide:
- The amount of gross receipts and sales from all sources, including barter or exchange transactions.
- Supporting documentation for all deductions, exemptions, or credits claimed.
Other important records to keep include:
- Federal income tax returns
- Washington excise tax returns
- General and subsidiary ledgers
- Sales and/or cash receipts journals
- Sales invoices Purchase/cash disbursement journals
- Purchase invoices for assets and expense items
- Financial statements
Reference: WAC 458-20-254
