Accounting records are the original source documents, journal entries, and ledgers that describe the accounting transactions of a business. Accounting records are the basis for producing financial statements of a company. They are to be retained for a number of years, so that outside entities, like auditors and tax authorities can inspect them and verify that the financial statements derived from them are correct.
Examples of accounting records are the general ledger, all subsidiaryledgers, invoices, bank statements, cash receipts, and checks.
