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Computerised Record
Keeping Requirements
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Most like most businesses most Direct Selling Companies will use a computerised accounting system to handle all of the above records and handle all Distributor commissions, overrides and bonuses etc. All modern Accounting programmes will provide the records requirements used in manual records.
Electronic Transactions are specifically provided for under the Electronic Transactions Act to give legal recognition to an electronic transaction whether that be by E-mail or a fully integrated web interface or just a mobile application using SMS or similar to complete the transaction. Those records must be available and able to be produced in a hard copy if requested by IRD.
IRD allows online lodgement of all taxes and most accounting software targeted for New Zealand will allow integration of this from your accountig systems.
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| Software System
requirements |
| Your system must be capable of reports that are effective audit trails and you must still keep any manual records received like bank statements in such a way that they can be reconciled by an IRD auditor. Electronic copies may be retained electronically but may need to be reproduced in hard copy at the request of IRD in an audit or as specific evidence of transations |
| Archived Records |
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| If you microfiche, or digitalise (scan) manual records for old record storage they must be capable of being reproduced in an exact likeness if the IRD requests. Scanned PDF documents for example would be quite acceptable when scanned in using standard settings. |
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