Swimming in Paper - Page 2

Not Afraid · 06-30-2005, 08:46 PM

OK. That was a message brought to you by The Professional......dumdumdum.

Matterhorn Fan · 07-02-2005, 08:20 AM

Yeah....Maybe next he'll tell us how long to keep bank statements? How about utility bills from old addresses?

The shredding has begun.

€uroMeinke · 07-02-2005, 11:25 AM

Quote:

Originally Posted by Matterhorn Fan

Yeah....Maybe next he'll tell us how long to keep bank statements? How about utility bills from old addresses?

The shredding has begun.

I tend to keep my bank statement for a tax year - really the only reason you need them is to verify that your bank is correctly debiting and crediting your account, so you could probably be safe with a shorter time frame if you are dilligent about balancing your check book.

On the other hand, sometime you will need them to demonstrate your income and cash flow - such as when purchasing property, usually 3 months history is sufficient, but if you have a more irregular pay cycle - i.e. you own your own business, then you will probably need to keep them much longer (three to six years would be the max).

Utility Bills again are only needed to verify payments recieved and charges acrued - if everything is fine, you don't need them. The utilities themselves are only required to keep the stubs 6 months. Depending on your State, there is a statute of limititations of 2 to 3 years to recover costs from erroneous billing, so that would be the maximum you'd need them. I keep mine for 3 months.

Cheers,

€, CRM

Ghoulish Delight · 07-02-2005, 02:57 PM

I've started a simple system. I have an accordian folde with 12 divisions, labled with each month. I just batch all our statements and bills by month (I do it by due-date). I started in April, so one next April rolls around, I'll just pull out the April '05 documents, get rid of them, and start anew. That way always have exactly one full year of records, and you don't have to go looking all over the place to find stuff that you can dump, it's all right there ready to be shreded.

Matterhorn Fan · 07-02-2005, 06:21 PM

Hmmm . . . interesting . . . that would leave all sorts of room in my new file cabinet (matches my swank Target desk) for other things I shouldn't be keeping.

(hehehe, I originally typed "bee keeping." Maybe I should put some honey in my tea?)

06-30-2005, 08:46 PM	#1
Not Afraid HI! Join Date: Jan 2005 Posts: 17,108	OK. That was a message brought to you by The Professional......dumdumdum.
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07-02-2005, 08:20 AM	#2
Matterhorn Fan Double Agent Join Date: Jan 2005 Location: Back East Posts: 2,071	Yeah....Maybe next he'll tell us how long to keep bank statements? How about utility bills from old addresses? The shredding has begun.
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07-02-2005, 02:57 PM	#4
Ghoulish Delight I Floop the Pig Join Date: Jan 2005 Location: Alternative Swankstyle Posts: 19,348	I've started a simple system. I have an accordian folde with 12 divisions, labled with each month. I just batch all our statements and bills by month (I do it by due-date). I started in April, so one next April rolls around, I'll just pull out the April '05 documents, get rid of them, and start anew. That way always have exactly one full year of records, and you don't have to go looking all over the place to find stuff that you can dump, it's all right there ready to be shreded. __________________ 'He who receives an idea from me, receives instruction himself without lessening mine; as he who lights his taper at mine, receives light without darkening me.' -TJ
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07-02-2005, 06:21 PM	#5
Matterhorn Fan Double Agent Join Date: Jan 2005 Location: Back East Posts: 2,071	Hmmm . . . interesting . . . that would leave all sorts of room in my new file cabinet (matches my swank Target desk) for other things I shouldn't be keeping. (hehehe, I originally typed "bee keeping." Maybe I should put some honey in my tea?)
	Submit to Quotes