Posted by Smug/Fl on 5/15/07 6:54am
Msg #190190

Old Confirmations

Just going thru my files and wondering if anyone keeps all thier last years confirmations for tax purposes or is it ok to destroy them. I do keep all my log books, but all these old confirmations are piling up.

Reply by LJ on 5/15/07 7:09am
Msg #190191

I make a file folder on each and every closing I do. In this file I keep the confirmation, copy of shipping label, any instructions I didn't send back with pkg, lender info, title info. I keep this in a file box. When paid, I put the check stub in also and file in another box. I keep everything, just never know what you will need. Just the way I am.

Reply by ck_KY on 5/15/07 7:23am
Msg #190192

I have a file cabinet with hanging files. Each Title Company, Lender and Signing Service has a file with their name on it. After each closing, I file the confirmation in their file. That way, if I have a company that is behind on payment, I can pull their file and it will have all their closing confirmations and copies of invoices that I have sent them.

Reply by bigdog on 5/15/07 7:52am
Msg #190193

I use the confirmation as my billing invoice cover sheet. First I file them in a file for the month it was closed. As it is paid, I attach the check stub or a copy of the check then file it in a file for that company. This way I know by looking at the monthly file and know exactly how late the payment is. It makes it easy to keep track of the no-pays.
I also staple together the any personal invoicing, tracking and any other pertenent info. It's worked well for me.

Reply by ck_KY on 5/15/07 9:32am
Msg #190204

Re: Bigdog...

Where are you located in Kentucky? I am in Floyd Co., Eastern Kentucky.

Reply by PL on 5/15/07 8:16am
Msg #190196

Shred it after,

you scan it all into your computer and back it up on a cd or other device. I really don't see much use in keeping all this paper, recycle it so you'll have more paper to store down the road.

Reply by Linda_H/FL on 5/15/07 9:13am
Msg #190201

I Keep the confirmation attached to the invoice in my "Accounts Receivable" file - when paid it gets moved to "Income" File - so yes - I keep them.

Reply by Christine Gardner on 5/15/07 10:03am
Msg #190208

I keep a hardcopy for about 6 months. As I finish up a transaction, all the information I have is scanned. Basically, all that I have in my hardfile is what I have scanned.

Reply by LynnNC on 5/15/07 10:11am
Msg #190209

I make a signing prep sheet for each closing with pertinent information from the confirm. I attach a copy of the confirm, any special instructions and a copy of my travel instructions, including mileage. I make a copy of the confirmation which I keep for my invoice, and make a separate invoice for those that I need to, and file them alphabetically by company in date order in a "pending invoice" accordian file folder.

I keep an Excel spread sheet on my computer on which I note the date of the closing, the company name, the borrower's name, the fee invoiced, the date and amount of fee paid, mileage and notary fee.

After the closing, I file the signing prep sheets, with attachments stapled to it, in date order by month. I don't find it necessary to use file folders and find it much easier to just look at the signing prep sheet if I have to refer to the closing.

When payment comes in, I pull the invoice copy, note the amount and date paid on the Excel spreadsheet, and attach the the voucher to the invoice. I file the paid invoices alphabetically by company, in date order, in a "paid invoice'" accordian file folder, by year.

A note as to signing prep sheets. I find it much easier to refer to pertinent information copied onto it from the confirmation, than having to refer to all the different formats of confirmations.

Reply by SharonMN on 5/15/07 10:35am
Msg #190210

I keep records similar to what others have noted. However, if you've already been paid and have some record of it, I see no reason you'd need to keep the confirmation specifically unless you want to look back to see that company's faxback requirements or something like that to determine what to charge them in the future. I keep a notary taxes file where I put all the check stubs, and I also keep a work order sheet for each job.

Reply by BrendaTx on 5/15/07 10:36am
Msg #190211

Re: Old Confirmations - convert them to PDF

Then set yourself up two Gmail accounts. One for the paid, one for the unpaid.

This suggestion is brought to you by Andy Le...I love this one. He needs to start his own version of Cheapskate Chronicles.

Reply by OR on 5/15/07 12:14pm
Msg #190224

Re: Old Confirmations - convert them to PDF

leave it up to Andy and Brenda of Tx for the best advice of the day. Now it will stay on my computer. I Needed to add a file or get rid of one.