Switching to all electronic invoice databases
(Lake Ridge, VA, USA)
I an the Accounts Payable Coordinator and we receive both paper invoices and electronic invoices. I would like to get rid of the storage of paper invoices. So I have two questions...
1. Where can I find accounting and GAAP regulations when it comes to record and invoice keeping?
2. Can I scan paper invoices and just keep electronic copies of them?
A place I work right now scans everything and stores in their computer system - either attaching it to a customer, vendor, etc.
This is a great option. You still have a copy if needed but you can toss the paper.
As for G.A.A.P. regulations, try the Journal of Accountancy, it's the magazine for CPA's. It's online and you can search for a topic.
As long as you have a scanned copy for documentation, I'd think that would be sufficient. Remember, if the IRS comes knocking and you need to justify expenses, you need to prove the validity of the expense. Having a scanned copy showing the details is proof.
Also, any problems with a product or service can be solved if you have the scanned invoice to show what you bought at what cost.
Hope that helps!