Filing Bank Statements / Invoices - basic

[Bluekiwi]

Okay now for the most trivial post today.

Do you file bank statements (and invoices) with the most recent on top ?

p.s. excluding exnzpat posts, or fatnchipsman as he is now

[Keys]

Do you file bank statements (and invoices) with the most recent on top ?

Sacnned and shredded.

Filed into folders for year/month. Named for statement issue date under appropriate folder.

Everything gets scanned and shredded. Back up weekly from desktop to laptop via USB jump drive.

Worst case scenario is I lose a weeks worth of receipts. Invoices can be re issued. Bank statements can be got from the net.

[CJ]

I file newest on top. Every six or 12 months I scan and shread the hard copy.

Items are saved using dropbox which backs up everything to the cloud. A copy is kept on your computer, a copy is saved in the cloud and you can sync and share onto multiple computers. They provide a free 2Gb account and you can pay for more. Click to see the website - note referral link which gives us both an extra 250mb of free storage: https://www.dropbox.com/referrals/NTE5OTExMTk5

So I can access any documents saved in the monitored folder from my home computer, work computer, iphone or any computer with a internet browser. Save a document in one place and it replicated everywhere else.

[One]

Newest on top. Stored in a filing cabinet till the end of a financial year, then in a box in the top of a cupboard. Hey, I'm old-fashioned.

[Bluekiwi]

Hey guys whats the reason for shredding original documents ?
Dont you want to keep these, well at least current years.

[Tan]

Hey guys whats the reason for shredding original documents ?
Dont you want to keep these, well at least current years.

We keep all ours as One does, but it does mean we have a lot of stuff to shift when we move offices, and the office has to be larger. I am very interested in the replies, and have just read about drop box and wondered if it would be good for the 4 of us spread between home & office in 2 cities.

[Bluekiwi]

I am only a little fellow with only 4 IP's so only need a few ringbinders, dont have a whole office of paperwork.
But surely you have to keep the originals for x years ?

[Keys]

I've been told all I have to keep is something which can be seen. A pdf of the document/receipt/invoice can be seen. I have several folders worth stored on one little USB jump drive. Tell me it's easier to keep paper. Also, WAY easier to find the relevant document if your filing system is easy to follow. Easy to send off to your accountant if there is a question on an entry. Easy to keep the USB low in the office (think fire damage and lots of paper). Takes a little time to do but the paper never gets binned without being shredded. If you do it daily, not a problem.

[CJ]

Hey guys whats the reason for shredding original documents ?
Dont you want to keep these, well at least current years.

Shred the originals so no gets access to personal info. Plus it gets added to the compost normally or recycled.

I do keep for a year but that is because I am too lazy to scan them as they come in (I dont have a scanner at home so use my work one which with sheet feeder makes it very quick to do in batches).

Re originals vs PDF I dont think the IRD would mind, electronic records should be perfectly acceptable.

[Ahar]

I keep four business ringbinders. they are for bank statements, rental agreements, invoices, and tax....and a fifth for my personal affairs

Always put the newest bank statement/invoice etc on top of the oldest

I just can't bring myself to trust computers.....they get hacked into etc and I'm sure mine has every virus known to mankind, and then some.

But hey, I'm a dinosaur.........and proud of it

[lissie]

I have all banks and PM's trained to only give me pdfs or online - I print of the bank stuff once year - probably don't need to but... The rest of the crap randomly goes in a box for the year- though if I was organised I would scan it - too lazy really - haven't run out of space yet.

I don't use dropbox but use another service called sugar sync - here is why http://lissowerbutts.com/i-joined-th...-and-join-too/

[CJ]

I don't use dropbox but use another service called sugar sync

Sounds like sugar sync is very similar to dropbox. I just had a quick look at comparisions and the reviews are inconclusive as to the best - it depends on your individual needs.

There is no reason not to be using one of these services. All hard drives will fail at some point so why not back up on line.

For all my large files (photos and videos) I use external drives but for everything else, I just use the cloud.

[flyernzl]

I get all this stuff on paper.
I have one ringbinder, with dividers in it.
In this I file bank statements, mortgage repayment advice notices, rental-related credit-card statements (I have one credit card that I use solely for rental property expenses) and Crockers property newsletters. All filed latest first.

When end of financial year rolls around, I remove all the paper for the year, stick it in a file box and shoot it off to the accountant.
When I get it back from him it stays in that box and is stored away.

As an aside, I have a separate trading bank account for each property. Rent from that property goes into that account, expenses for that property come out.
To my simple brain, if the balance in that account is increasing, then I'm making a profit out of it, if it goes down then I'm making a loss on that property and I'd better do something about it.

Yes I'm Neolithic I know.

[BusyLizzy]

so why not back up on line

My big concern about this is if the playing field changes on the server that you are using to back up stuff. For example, the company goes out of business and shuts the server down. Or suddenly starts charging.

I'm also a little paranoid about privacy... you are entrusting all your important docs with an unknown entity with unknown employees with access, etc, etc. I guess as long as you are relying on them for backup, and not for the 'originals'.

[PC]

May pay to have encryption on the files/folder that are backed up.
A bit like email - once it disappears into the web - anyone may get a look at it without your knowledge.