Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.