The Electronic Books Preservation Act & DX: Handling Electronic Transaction Data
An invoice received by email, a receipt from an online purchase — such "electronic transaction" data must be stored in line with the Electronic Books Preservation Act. For those who feel "this looks hard" or "I'm not sure we're compliant", here is a gentle guide to the rules and the concrete steps to take.
- The three categories of the Act (which is mandatory?)
- Concrete examples of "electronic transactions"
- The two requirements to meet (integrity, legibility)
- Practical steps SMEs can take right away
01The three categories of the Act
The Electronic Books Preservation Act sets rules for storing books and documents electronically. It has three broad categories, and whether you must act differs by category. First, grasp "which one is mandatory".
| Category | What it is | Action |
|---|---|---|
| 1. Electronic books etc. | Store software-generated books etc. as data | Optional |
| 2. Scanner storage | Scan paper invoices etc. and store | Optional |
| 3. Electronic transaction data | Store data received by email etc. | Mandatory |
02Concrete examples of "electronic transactions"
"Electronic transactions" means invoices, receipts, orders and the like exchanged electronically. The following qualify.
- Invoices and receipts arriving as email attachments (PDF etc.).
- Purchase histories and receipts from online shopping (downloaded from a web screen).
- Usage statements from credit cards or payment apps (received electronically).
- Transaction data exchanged via cloud services or EDI.
03The two requirements to meet
Storing electronic transaction data has two broad requirements: "ensuring integrity" and "ensuring legibility".
| Requirement | Meaning | Example of how to meet it |
|---|---|---|
| Integrity | It has not been tampered with | Timestamps, systems that log edits/deletions, an operational-procedure policy |
| Legibility | It can be found quickly | Make it searchable by date, amount and counterparty |
For SMEs, using a compliant cloud service, or putting an "operational-procedure policy" in place internally, meets the requirements relatively simply.
04Practical steps SMEs can take right away
- List the documents you receive by electronic transaction (email, web, payment apps, EDI, etc.).
- Decide storage-location and file-name rules (e.g. "date_counterparty_amount").
- Set up a way to search (use accounting software or a dedicated document-storage service).
- Put an "operational-procedure policy" in place to prevent tampering (templates are published).
- Share the rules among staff and keep the operation going.
For building a storage setup that fits your company, and for linking it with cloud accounting, consult Aquamarine Consulting Group. We'll propose a reliable approach that isn't a strain.
Summary
Of the Act's three categories, only "3. electronic transaction data storage" is mandatory. Prioritize it first.
Invoices and receipts received by email or on the web should be stored as data, not printed out.
Put in place a setup that meets the two requirements: "integrity (anti-tampering)" and "legibility (search)".
Many cloud tools meet the requirements automatically — more realistic than manual work. We're happy to advise.
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Sources & References
This article is based on information available at the time of publication. Rules and systems may change. Please consult a professional before making any individual decisions.
