Financial Management
How should I record payments to builders, trades and suppliers?
Keep the contract or order, invoice, approved adjustments and evidence of each payment together. Record the supplier, invoice number, amount, date and relevant budget item. Request receipts and appropriate tax invoices where applicable. Before using new or changed bank details, verify them directly through an independently obtained contact. A bank transfer record shows that money moved; it does not by itself prove the work was complete or the recipient was entitled to it.
Official sources:
General information only. Requirements vary by state or territory and change over time, so check the current rules for your location.