Anybody know by law how long you're required to keep your billing paperwork? When I pay my utilities, Im still old school - I take the bill stub, write down the date I paid it, the amt paid, and the check number I wrote, and drop it in a file... The files are getting kinda plump.
Anybody know how far back I can go as far as keeping the relevant ones and pitching the old ones?
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I didn't know there was a requirement. My wife also insists on saving everything regarding financial info. I don't know why. I had to buy a 4 drawer file cabinet just to keep the crap in. What's it used for? We've got stuff from when we were married, I don't get it. If I were handling the paperwork, I'd just keep it until the next statement arrives. If the numbers appear correct, pitch the old one. Of course you could just scan them and keep everything electronically.
posted by AmericanPie on Aug 02, 2009 at 02:18:36 pm #
General rule of thumb is no less then two years and no more then seven years. These are BROAD generalities so check with an accountant for sure.
I'm assuming these are for your home? As someone who continually struggles with paper organization, this topic has been of great interest to me.
If your bank scans checks and retains the images (I think most are because even my credit union does now), you can probably get away with discarding the bills after one year. You're probably keeping your bank statements for seven years at least. Between that and the image from the bank, you can prove that a particular bill was paid if necessary.
If you really can't part with the old system (and I understand that concept, believe me), seven years should be fine. And then shred 'em. :)
As for the bills themselves, if you wanted to keep track of past usage, Edison, Columbia Gas and Buckeye all provide electronic access to that information. I've switched to paperless billing on everything now, but it's not necessary to access the info online.
I get no paper statements. Everything's online if you need copies, but who would ask for copies? I keep paper tax returns. That's it.
posted by muddyriverduck on Aug 02, 2009 at 08:53:13 pm #
7 years, but I would digitize anything important and keep for 10. Get one of them multifunction printer/scanner/copier/fax machines. Something with a document feeder and scan what you need to pdf files, them shred or burn the originals.
posted by Linecrosser on Aug 02, 2009 at 09:39:42 pm #
Utility bills, bank statements and the like can be kept electronically. Destroy all the hard copy as keeping it is a liability. Repairs and capital improvements can be kept until the warranty expires or the item is disposed of.
Tax returns and similar legal proceedings should be kept in a vault for the rest of your natural life plus seven years (in the case of tax returns).
Disclaimer: I am not licensed to practice law in the State of Ohio. This advice constitutes no liability on my part and is provided for entertainment purposes only. Mileage may vary. Void where prohibited. Do not fold, spindle or mutilate. Post no bills.
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