Posted by kflorida on 7/21/10 9:48pm
Msg #345900

paper confirmations

after you are paid for your closings...how long do you all keep your signing confirmations? Does anyone get rid of them and just use computer programs with all the info?

Reply by Jack/AL on 7/21/10 10:14pm
Msg #345903

I keep each printed assignment/confirmation sheet at least until my check arrives. If there is a tear-off stub with the check, I keep the stub for tax records and discard the assignment sheet. If there is no stub, I write the check's number, date, amount, and address of the property on the assignment sheet and keep it for tax records. Just to be safe, in case the SS/TC questions the documents I've returned, I keep the downloaded edocs until I receive pay. Yes, I do protect the computer and files, and am careful to delete as soon as I'm paid.

Reply by Linda Juenger on 7/21/10 10:22pm
Msg #345904

I have every confirmation I have ever received. I make a file folder for each closing. In that folder I keep the confirmation, shipping label, stub and anything else they send me. I keep 2 file folder boxes under my desk. One is for paid and one is for unpaid. When I get paid for one, I move the folder to the paid box. At the end of the year, I put the lid on it and store it. Simple. One thing though, is that I have a warehouse to store all these boxes. Most people don't have the storage space like I do.

For companies that I do a lot of work for I keep one folder for that company. Each closing I do for them I staple everything together. This saves a lot of folders.

Reply by TacomaBoy on 7/21/10 10:33pm
Msg #345908

WTF! Until recently I was buried under mounds of paper confirmations and duplicate invoices! I've been around for awhile and with over 8,000 signing under my belt, you can imagine the paper sunamie I have. Well, I've been purging my files, so now I only have the last 7 years of past business information. I'm still buried up to my neck! I hope all of you NotRot folks develope the same problem.

Reply by LMS on 7/21/10 10:36pm
Msg #345910

Yep boxes and boxes and boxes....

Reply by LMS on 7/21/10 10:27pm
Msg #345906

I also have every confirmation from every job I've done for the last 7-1/2 years.

Reply by TacomaBoy on 7/21/10 10:46pm
Msg #345913

LOL! I just tossed out 6 years of Biz records and now I hear IRS foot steps! Creepy!

Reply by LMS on 7/21/10 10:50pm
Msg #345914

I suggest hiding or running, quick!! :>)

Reply by Moneyman/TX on 7/21/10 11:10pm
Msg #345916

I am as paperless as possible. Not to be Green, just easier.

For tax purposes, you should keep at least the last 7 years business information (at least that is what I have been informed of, it might be a different time frame).

I am as paperless as possible so I print out then scan in all requests, payments, copies of checks received, & business transactions info (not docs) I also keep copies of all emails (in digital format only, I do not print out & scan these in -- easier just to copy to a file). If you "archive" old emails instead of deleting them, after saving a copy in proper files, should anything happen you should be able to pull them back up if you need to at a later date and still keep your email box somewhat "cleaned out"

NOTE: After the initial cross-over (paper-to-paperless) period it becomes much easier to do on a daily basis than it may at first seem.

I set up files for each company on a yearly basis and also keep a monthly/yearly signing log via an Excel template I created.


LEARNED FROM PERSONAL EXPERIENCE:
Backing up the information in at least 2 places (i.e. 2 external hard drives backed up each day on one then switched to the other the next day ....) and even an additional back up program such as Carbonate (or any other on-line program you feel is trustworthy) is probably a good idea as well.

Goes without saying that if you do decide to go as paperless as possible you must take even higher security precautions for several reasons (really should do this anyway IMO).

Disclaimer: I am not an attorney (or tax prepare), not intended as legal/tax preparation advice, blah, blah, blah, etc.

Reply by cadmonkey/CA on 7/21/10 11:13pm
Msg #345918

Moneyman, I'm as paranoid as you are about data security!

I have two external hard drives that I backup to daily and use carbonite for my signing biz. You can never be too careful when it comes to backing up your data.

Reply by Moneyman/TX on 7/24/10 8:59am
Msg #346162

Re: Moneyman, I'm as paranoid as you are about data security!

I've had to learn the hard way.

Reply by Marian_in_CA on 7/21/10 11:12pm
Msg #345917

I keep all my confirmations. I don't keep paper, though. I scan everything and keep electronic copies of everything in PDF format, including check stubs, invoices, etc.

Reply by parkerc/ME on 7/22/10 7:42am
Msg #345927

Agree. Scan all and backup, backup, backup n/m

Reply by JulieD/KS on 7/22/10 9:50am
Msg #345937

I staple my confirmations to my Quickbooks invoice, along with any other items that would help me collect my fee should a company be 'uncooperative' and I keep it for three years from when I file my taxes. So, right now, I am shredding all my stuff from 2006. The IRS can't audit past 3 years back unless they suspect fraud, so three years, then I get rid of it all.

Reply by Mary L. Graft on 7/22/10 1:04pm
Msg #345965

I bought a "NEAT" scanner. I scan everything in an assign each company and file number.
I can pull up all the info on that signing from my mileage to any problem I might of had with the signing company. I can tell if I received payment and when. The IRS will except a scanned copy. This way I am paperless with no boxes or file folders to mess with. I also use it for other things to. It will hold alot of file folders. This way I save on not buying folders, name labels, boxes or file cabnets. The scanner runs $400.00 but its worth it.

Reply by kflorida on 7/26/10 10:30pm
Msg #346374

ok any one want to give me a lesson on scanning and saving to tc file i would love itKim