I had a question from client recently asking me how long they need to keep physical records of card payments (the slips from the card payment machine).
We keep digital records of all transactions through their POS system which is also linked to the bookkeeping software so it is not a question of accounting records.
They did ask the card payments clearing provider for advice and all they got back was that they could use the physical records for verification that a customer had indeed made the purchase in case of a dispute. That said surely the clearing provider has internal record of the transaction?
How long should they keep the slips? I would think couple of months will be sufficient to address the payment dispute eventuality.