Posted by Robin_IN on 4/10/08 11:06am
Msg #242996

Keeping confirmations

How long should you keep your confirmations for? I was just wondering what everyone else does. I have so many and keep them categorized by year in boxes but I'm getting ready to move and really don't want to lug them around. Would I need them if I was audited?
Thanks!

Reply by Philip Johnson on 4/10/08 11:12am
Msg #242999

Year's worth?

I don't keep them past when I've been paid for the service rendered. I do keep my record of the closing showing mileage, payment, etc. for 3 years electronically.

Reply by Lori Miller on 4/10/08 11:16am
Msg #243000

Typically the Statute of Limitations is 7 years. Not sure if the same law applies in your state?

Reply by Linda_H/FL on 4/10/08 11:40am
Msg #243008

Robin, I don't know your system...but I keep a copy of the

confirmation with the signing information (Mapquest, notes, cc's of e-mails, contact info, yada, yada) in an A-Z file (one for each calendar year) and another copy of the confirmation with the invoice for that signing (also in file by calendar year) So far it's only been 18 months for me so I'm not in "paper crisis" yet..<G>...but I would think I'd keep them for as long as the IRS may come back to audit me (what's that? 3 years? ) JMHO

Reply by Les_CO on 4/10/08 11:41am
Msg #243010

Until I get paid.

Reply by Linda Juenger on 4/10/08 12:07pm
Msg #243025

I make a manilla file folder for each closing I do. In that folder is the confirmation, copy of shipping label, instructions, map and anything else pertaining to that order. On the tab of the folder I write the borrowers name, company that hired me, city, date, time. I have 2 of those file folder cardboard storage boxes. I put the folders in 1 box and move them to the paid box when paid. At the end of the year, I put the lid on and store it. Simple and works for me. I'm lucky though, my hubby has a huge warehouse where we store all our stuff, so I have a lot of storage space. Its big enough to pull his big rig into. One side of the building is shelving for ME. I love it.
Its probably a little over kill with companies I work a lot for. I could probably use 1 folder per company for a month's worth. I spend about 6 bucks on a box of 100 folders. Not too bad.

I also didn't buy a computer desk for my office. I bought a sturdy 8ft table. The kind you can set up and take down. I store my paper and storage boxes underneath it. I have my laptop, fax machine, calculator and my husbands ink jet printer on it. I have another piece of sturdy furniture that my laser jet sits on, but its close to my table. Sorry I rambled.

Reply by Les_CO on 4/10/08 12:33pm
Msg #243037

Re: Keeping/ Linda..I'm so JEALOUS!

3 computers/ 1 laptop/ 3, 2 tray laser printers /2, all in ones /1 copy machine/ 3 phone lines, 1 fax line, some in the bedroom, some in the basement, some in the living room. Wires everywhere, shelves, boxes, file cabinets, and not enough spare space for a postage stamp!

Reply by Lori Miller on 4/10/08 12:48pm
Msg #243045

If you Google "IRS records retention", you will get a fairly detailed idea of what the law says in regard to being audited, etc. I always seem to error on the side of caution. Minimum 3 years and max of 7 yrs. If you destroy records as soon as you get paid, what sort of paper trail would you have? To each his own however.

Reply by Les_CO on 4/10/08 1:13pm
Msg #243057

I still have my invoices, and my check book ledger. I usally download the docs to my desktop, I keep them and the confirmation, 'till I get paid. after that they are history (and my Notary Journal, that I keep fee's in also)

Reply by JanetK_CA on 4/10/08 4:15pm
Msg #243088

I don't claim to be the most organized or to have the most sophisticated system, but what has worked reasonably well for me for more than five years is to create a folder for each client and add confirmations to it as they are completed.

A few years back, I started printing map directions on the back of the confirmations with my back-up printer. Probably saved a good ream of paper since. I don't keep airbill copies or notes after I get paid unless it's something I think may be useful again or offers critical documentation. When I get paid, I staple together the confirmation(s) with the detail section of the check on top. For my better clients, I periodically clean out stapled items and add to file boxes by client and date, so only fairly current confirmations are in my main file drawers for those clients I do lots of work for. Fortunately, I have a large closet in my office where I can keep the storage boxes.

Years back I also created a separate binder, alphabetical by company, with contracts, policies, etc. to get it all out of my file cabinets. I that was intended to be for reference, but I looked in it maybe twice. Most of those companies I wouldn't really work for anymore and I long since quit signing ss agreements/contracts, with very few exceptions.

I can't tell you how many times filing by company has come in handy. When I get a call from a company I've previously worked for but not a lot (or maybe not in a long time), I can pull out that folder and immediately have a record of my history with them. I plan to keep everything for at least seven years, but I'm not quite there yet...

Reply by thnotary_NY on 4/10/08 5:47pm
Msg #243114

I'll keep them as long as I keep my tax files.

Reply by Robin_IN on 4/10/08 11:21pm
Msg #243167

Thanks everyone - I appreciate your input!