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.