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    princesspinky's Avatar
    princesspinky Posts: 1, Reputation: 1
    New Member
     
    #1

    Oct 25, 2007, 10:57 AM
    Organize file cabinet
    I'm setting up my file cabinet and am not sure what to do...

    After I reconcile my bank statement, what should I file with it. Just the computer printout & statement from the bank, or the corresponding receipts, etc. that go with the bank statement.

    Or should these receipts, payments, etc. be filed on their own.
    vingogly's Avatar
    vingogly Posts: 718, Reputation: 105
    Senior Member
     
    #2

    Nov 2, 2007, 03:33 AM
    Think of your file cabinet as a database: you want to set it up so that you can quickly access information when you need it. I'd wager that most of the time when you need to access a receipt or other information associated with a specific company, it will be because an issue has come up with that company. You might consider having a receipts file sorted by company name, in that case, or by date of the receipt. Think about how long you want or need to keep the information: most receipts will be useless after 12 months, so you might want to keep a 12 month file and sort the oldest month as part of your regular clean up tasks.

    The exception would be information you need at tax time: donations, business expenses, deductibles, etc. Those you'd want to keep in a tax related file.

    Also, if you can easily access information elsewhere (online, the phone), consider not saving the unnecessary paperwork in your files. For example, I can access past bank statements online, so I see no advantage in saving the paper versions. In fact my bank no longer sends me paper statements.

    Vasily

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