Forum Discussion

Sam_P's avatar
Sam_P
Experienced Cover User
5 years ago
Solved

Taz Records - Payables invoice uploads and Sales invoices

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

 

 

In Tray
  • Steven_M's avatar
    Steven_M
    5 years ago

    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.

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  • Sam_P's avatar
    Sam_P
    Experienced Cover User
    5 years ago

    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

  • Steven_M's avatar
    Steven_M
    Former Staff
    5 years ago

    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.

  • Sam_P's avatar
    Sam_P
    Experienced Cover User
    5 years ago

    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

  • Steven_M's avatar
    Steven_M
    Former Staff
    5 years ago

    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.

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