7 years is how long you are required to hold bank information for business accounts. If there is any reason that you were ever audited that would be able to request up to 7 years of bank records. It is actually quite important to keep a hold of these. Especially when you are moving money from your business to your personal account.If you don t want to hold on to the actual receipt, I suggest scanning them into a pdf file and just storing that information in a safe folder on your computer. That way you don t have tons a little bank receipts floating around.
My wife would say 7 years to address the statute of limitations BUT, I cannot think of any reason to keep it beyond the point where it shows up on the statement. At that point, the bank has acknowledged the deposit and you are covered.
For business accounts, you should be able to get your statements electronically which makes them easier to store. Keep them for 5 years.
once it shows up on your bank statement, then there is no reason to keep the receipt; however, I like to keep them for one year to be on the cautious side.
if its on your statement then you should be fine
