The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Do you keep every receipt?||Date: 8/9/2004 11:44 AM|
|Author: TheBadger||Number: 72776 of 121572|
I keep 100% of my receipts; but I probably recordkeep a little differently than most. My recordkeeping is done in a combination of Lotus/Excel (for credit card & bank reconciliation) and then I also use QuickBooks for production of financial statements.
As a result, I use a receipt as the source document to record a transaction and then simply dump the paper receipt in an file (2" - 3" per year). Thus, all of my recordkeeping is really electronic & the receipts become a semi-indexed random backup.
This avoids the decision-making process of which to keep & which to pitch & the 2 times per year I really need a receipt (because the toaster broke) I look it up in Quickbooks & I then know which month & year to go find --- it gets me within 1/2". Then, I store all paper receipt files in a transfer box --- when the box gets full, ususally about 10 years, I just throw out the oldest years.
In addition to the above I do keep some other rather obvious files: home improvements; annual tax files with carryforwards, etc. These I keep permanently.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|