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January 2021
January 2021
Hi,
1. Does the upload of A/P invoices to MYOB fulfill the requirements of the ATO to retain tax records?
2. Are the A/R invoices available for viweing for at least 7 years?
Thanks
Sam
Solved! Go to Solution.
January 2021
January 2021
Hi @Sam_P
The uploading of documents to the MYOB In Tray is designed to maintain a record of the original transaction with that on the computerised copy of the transaction. Uploading that document will allow aid in the entry of the transaction as the document is read for key points of information. If you do need to retain documents for the purpose or guideline we do recommend consulting that documentation to ensure that it does meet that requirement. From a timing point of view, documents attached to transactions will be available when that file is in the cloud. If the company file has had the financial year rolled over those documents will also still be available.
In terms of actual transactions recorded in the company file, there is currently no purge functionality so provided a transaction has been entered and isn't deleted, it will be available for the lifetime of that file.
January 2021
January 2021
Dear Steven,
Thank you for your response. From it, I understand that as long as our MYOB file is in the cloud the A/P documentation is available to meet the ATO requirements for keeping documentation for 7 years.
Please can you clarify if this is still the case should a file be required to be restored from a backup.
Thanks
Kind Regards
Sam
January 2021
January 2021
Hi @Sam_P
Provided that the company file is stored online those documents will be available and attached to the transactions. Should the file be removed from the cloud those documents will not be accessible.
In terms of restoring a backup of the file, when you upload a document and attach it to a transaction, the system encodes a link to the document. As such, even if you took a backup and restored that file those documents will still be available as those links would still be attached. This assumes that the file was restored online.
January 2021
January 2021
Hi Steven
Thank you.
So in short, layman's terms, uploading a document and attaching it to the payable transaction is, and will forever be, aqequate to meet the ATO requirements for retaining documentation for tax purposes, even in the event of restoring from backup, as long as the file is on the cloud.
Kind Regards
Sam
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