EDI best practices: what is the best practice for retaining invoice detail once you stop receiving paper invoices?


Q. (cont.) We currently download detail invoices from either vendor site or GHX, our third party EDI vendor. Before we bring more vendors onboard I would like to know what’s considered best practice.

A. The electronic invoice created in your system, sometimes called a voucher, becomes your legal invoice, and must be maintained electronically as required, usually 7 to 10 years depending on your policy (see Resources > AP Accounting Forms and Checklists > Record Retention Checklist; you can also search the web for “record retention” to find other guides).

And see the IRS guide to electronic records: IRS Revenue Procedure 97-22: Guidance for Electronic Records.

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