Last reviewed October 7, 2026 · By the NYBACS advisory team
Short answer
US bookkeeping needs complete monthly statements for every account the company uses — bank, fintech, credit card and payment processor — plus the documents that explain each transaction: sales invoices, vendor bills, receipts, payroll reports, loan papers and owner-funding records. IRS guidance is that records supporting a return are generally kept for at least three years, and longer in several situations, so collect them every month rather than at tax time.
Key takeaways
- Every account counts: neo-bank sub-accounts, multi-currency wallets, payment processors, marketplaces and corporate cards each need their own statements.
- Statements show that money moved; invoices, receipts and contracts show why. Bookkeeping needs both halves.
- Download official PDF statements as well as CSV or bank-feed data, because only the statement proves the opening and closing balance a reconciliation must tie to.
- IRS guidance: keep records generally 3 years; 6 years if income was underreported by more than 25%; 7 years for bad debt or worthless securities claims; employment tax records at least 4 years; indefinitely if no return was filed.
- Fintech and processor accounts can be closed or restricted with little notice, so archive statements monthly.
Every account the company touches
The most common gap in a foreign-owned company's records is an account nobody remembered. Build an account inventory first, then collect statements for each:
| Account type | What to collect | Why it matters |
|---|---|---|
| US bank checking and savings | Monthly PDF statements | Primary cash record and reconciliation anchor |
| Fintech and neo-bank accounts, including sub-accounts and currency balances | Monthly statements per balance | Sub-accounts often hold reserves or tax savings that disappear from view |
| Company credit and charge cards | Monthly card statements | Card spend is frequently the largest uncategorized area |
| Payment processors and marketplaces | Payout and transaction-level reports, fee reports | Payouts are net; gross sales and fees sit only in the reports |
| Payroll provider | Payroll registers, tax filings summaries | Supports wages and employment tax records |
| Loans and lines of credit | Loan statements, amortization schedules | Splits principal from interest |
| Owner's personal or foreign accounts used for company payments | Only the relevant lines, with receipts | Supports contributions and reimbursements |
The supporting documents behind each statement line
A bank statement line reading ACH DEBIT 1,850.00 tells the bookkeeper nothing about what was bought. Each line needs a document that identifies the payee, the amount, the date and the business purpose:
- Income: sales invoices, signed contracts or orders, and processor or marketplace reports that show gross sales, refunds and fees.
- Expenses: vendor invoices and receipts. For travel and meals, add the business purpose and who attended.
- Contractors: Form W-9 for US contractors and Form W-8BEN or W-8BEN-E for foreign ones, collected before the first payment.
- Assets: purchase invoices for equipment and software licenses, to support depreciation or amortization.
- Financing: owner wire confirmations, promissory notes, SAFE or note documents, and loan agreements.
Keep documents electronically in a consistent folder structure by month. The IRS accepts electronic records provided they are accurate, legible and can be reproduced on request.
Why the PDF statement still matters when you have a bank feed
Accounting software bank feeds are convenient but they are not the record. Feeds can drop transactions when a connection breaks, duplicate them when it is reconnected, and import pending amounts that later change. They also do not prove the account's balance.
The official statement is what a reconciliation is checked against, what a tax preparer or auditor will ask to see, and what a bank or fintech requests during a KYC refresh or credit review. If the feed and the statement disagree, the statement wins and the books need correcting.
How long to keep records
The IRS ties record retention to the period during which a return can be examined or amended. Its general guidance:
- 3 years from filing in the standard case.
- 3 years from filing or 2 years from payment, whichever is later, if you file a claim for credit or refund.
- 6 years if income was underreported by more than 25% of the gross income shown.
- 7 years if you claim a loss from worthless securities or a bad debt deduction.
- At least 4 years for employment tax records after the tax is due or paid.
- Indefinitely if a return was not filed or was fraudulent.
Records about property, such as equipment, should be kept until the limitation period expires for the year the property is disposed of. Banks, investors, auditors and foreign parents can require longer retention, so many companies adopt an internal policy longer than the IRS minimum.
A monthly collection routine
- In the first week of each month, download statements for every account in the inventory.
- Export processor and marketplace reports for the same period.
- Match receipts and invoices to statement lines and list anything unmatched.
- Send the unmatched list to the founder or finance contact once, not item by item.
- File everything in a dated folder and mark the month complete.
Common mistakes to avoid
- Sending only the main operating account and forgetting savings, card or multi-currency sub-accounts.
- Relying on bank-feed data alone, so missing or duplicated transactions go unnoticed.
- Providing payment processor data only as net payouts, without the transaction-level report showing gross sales and fees.
- Keeping receipts scattered across personal email and messaging apps where they cannot be found at year-end.
- Closing a fintech account without first downloading every statement.
- Discarding records after three years when an extended retention period applies.
Documents and records to prepare
- Monthly PDF statements for every bank, fintech and card account
- Payment processor and marketplace payout, transaction and fee reports
- Sales invoices and customer contracts
- Vendor invoices and receipts, with business purpose for travel and meals
- Form W-9 and W-8BEN or W-8BEN-E for contractors
- Payroll registers and payroll tax filing summaries
- Loan, note, SAFE and owner-funding documents
NYBACS 360° support
How NYBACS helps
- Builds an account inventory so no bank, fintech, card or processor account is left out.
- Runs a monthly collection calendar and a shared folder structure for statements and receipts.
- Checks for gaps — missing months, sub-accounts or reports — before they reach the tax preparer.
- Sends one consolidated list of unexplained transactions each month instead of constant questions.
- Keeps an organized archive ready for tax filing, audit coordination or a bank review.
Frequently Asked Questions
Are CSV exports acceptable instead of PDF statements?
CSV exports are useful for importing transactions, but keep the PDF statement too. Only the statement shows the official opening and closing balances, and reviewers usually ask for it.
Do I need receipts for small expenses?
Keep documentation for every business expense where possible. IRS travel and entertainment substantiation rules require documentary evidence such as receipts for lodging and for other travel expenses of $75 or more, and a record of business purpose either way.
What if a closed account's statements were never downloaded?
Request them from the bank or fintech; many can provide historical statements on request even after closure. If they cannot, the transactions may need to be reconstructed from the other side, such as vendor invoices or the receiving account's statements.
Do I need to share my personal bank statements?
Only the lines that relate to company transactions, such as business expenses you paid personally or money you sent to the company. Unrelated personal activity does not belong in the company's records.
