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Author: TheBadger Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124931  
Subject: Re: Do you keep every receipt? Date: 8/9/2004 11:44 AM
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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.

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