1. Record Keeping By Rebecca Siegel

2. Record Keeping: Why it’s important Record Keeping is important because companies need to keep records of their purchases, sales and income so later references can be made to them if needed.

3. How to File Vender Files: Keep account numbers, information, and contact info in alphabetical order. Accounts Payable: Bills, receipts, etc. Store in alphabetical order. Deposits: Copies of checks, bank receipts, etc. Store by date.

4. Record Keeping Tips Helpful appliances in record keeping: Shredder: shred all documents with personal information on them to avoid identity theft. Scanner: scan papers to have everything on your computer. It makes organizing easier and less messy.

5. Record Keeping Tips Tax Returns and Backup Documentation: Whether personal or business the recommended amount of time to keep these documents is about seven years. It’s not necessary to keep them for that long but it’s better to be safe than sorry. The IRS keeps copies of your tax returns but in the even of an audit it would be good to have all of the backup information.

6. Record Keeping Tips Personal Health Records: They should include complete contact information of you doctor, your medical history, and your prescriptions or treatments prescribed. These documents should be kept indefinitely. Life Insurance Policies: You should keep these papers for the amount of time of the policy plus three years.

7. Record Keeping Tips Medical Insurance: This includes doctor bills, copies of prescriptions (if you keep one), hospital bills, etc. The recommended amount of time to keep these is five years. Home Insurance: The minimum timeframe suggested is five years. Unless you think you might have some problems in the future. Then it’s good to keep them for ten years. Do not rely on your insurance company to prove copies.

8. Record Keeping Tips Warranty Documents: Every time you buy an appliance it has a warranty. You can dispose of the warranty documents when you dispose of the appliance or when the warranty expires. Home Repair Bills & Contracts: Keep these documents for ten years in case you need to prove something involving guarantees of workmanship.

9. Record Keeping Tips Pay Stubs: Keep your pay stubs until the year-end check of December 31 st that sum up the 12 months worth of pay, social security, taxes, etc. Do not expect the Social Security Administration’s copy of your employment history to be correct. Bank Statements: The only reason you would really want to keep these is if you are going to apply for mortgage, which would be about three months. The bank has all the records if you need copies.

10. Record Keeping Tips ATM Receipts: When you use the ATM it is wise to immediately enter that information into your check book then dispose of the receipt. Mortgage Statements: Keep your mortgage statements for the ownerships period plus seven year.