When a payment is received by mail and not immediately posted, what must be kept for audit?

When a payment is received by mail and not immediately posted, what must be kept for audit?

• A. A copy of the physical mail.
• B. A digital record of the payer's identity.
• C. Imaged copies of the payment kept for audit.
• D. No copies are required.

Answer: (C)

When a payment arrives by mail and isn’t posted right away, you need an auditable trail that proves the payment was received. Imaged copies of the payment provide a durable, retrievable record of the exact instrument received—the amount, payer (if shown), date, and any check or payment details. This image stays with the record until posting is complete and can be used to reconcile with the bank deposit and ledger entry, making audits or reviews straightforward and reliable. Relying on a photo of the mail itself or on just a digital note about the payer’s identity doesn’t establish the actual payment evidence, and having no copies at all would break the audit trail.

When a payment arrives by mail and isn’t posted right away, you need an auditable trail that proves the payment was received. Imaged copies of the payment provide a durable, retrievable record of the exact instrument received—the amount, payer (if shown), date, and any check or payment details. This image stays with the record until posting is complete and can be used to reconcile with the bank deposit and ledger entry, making audits or reviews straightforward and reliable. Relying on a photo of the mail itself or on just a digital note about the payer’s identity doesn’t establish the actual payment evidence, and having no copies at all would break the audit trail.