Accounting Solver

ACCOUNTING FOR FINANCIAL RECORDS 1

by ren on March 6th, 2008

Paper clutter is a major problem, whether for a business or a personal work space at home. A business usually has a records maintenance system which schedules when files are to be discarded or destroyed. Also, there are staff to do all the work. For your personal work space, you have to do it yourself. You have to know when and what to discard.

Jennifer Hoffman of http://www.myorganizedbiz.com/ can help.

Accounting Solver can help with regard to financial records.

These are the financial records which have to be kept permanently, preferably in a water-tight waterproof container: all records related to your home (deeds / titles, house improvement expenses, mortgage documents, etc), documents supporting claimed deductions, check payments for taxes & checks related to claimed deductions.

This list is a minimum and is not complete. Your personal situation and activities will determine other documents which must be kept permanently.

In subsequent posts will be a list of other documents to keep and for how long.

Image from Microsoft Clipart

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POSTED IN: Accounting Concepts, Accounting for NonAccountants, Best Business Practices, Random Thoughts on Accounting