setting up a record keeping system - university of...
TRANSCRIPT
h a n D o u t
Unit 5: Record Keeping and Taxes
Making Money Count | © 2012 University of Missouri Extension Handout 5-N.1
Setting Up a Record Keeping SystemWhenyousetupahomefilingsystem,keepinmindhowyouoperate.Areyougoodatkeepingupwith
yourfilingeachmonthordoyouneedaboxtoholdmaterialsneedingtobefiledbecauseyouprefertodothefilingonlyeverythirdmonth?Thebestsystemforyouisonethatfitsyourstyleof operationandonewhereyoucanfindimportantdocumentsquicklyandeasily.
Mosthomefilingsystemshavesomecharacteristicsincommon.
• Typicallyfileswillbeinalphabeticalorder.Itisthereforeimportanttothinkaboutyourheadingsaheadof time.
• Allowforflexibilityandexpansion.
• Keepyouractivefiles(thosethatyouneedtoconsultonaregularbasis)separatefromthosethatyouseldomconsultbutkeep“justincase”orfornostalgicreasons.
• Filesandrecordsyourefertoonaregularbasisshouldbekeptinthe“prime”storageareasuchasyourhomeofficeorbusinessarea.Filesyourarelyuse,your“inactivefiles,”canbestoredinyourbasementorattic.
• Listthecontentsontheoutsideof thebox.“Inactivefiles”mightincludetaxrecordsoverthreeyearsoldorthepaperworkonthelasthomeyouowned.Theinactivefileareamightalsobetheappropriateplaceforoldletters,reportcardsordrawingsdonebyyourchildren.
Belowisasuggestedhomefilingguide.Changeittofityourneeds.Thisisgivenonlyasastartingplace.Last,butnotleast,allfilingsystemsshouldhaveafileindexatthefrontthattellswhereinformationcanbefound,listingheadingsandthekindof informationtobefiledunderthatheading.
(continued on next page)
Making Money Count | © 2012 University of Missouri ExtensionHandout 5-N.2
File index:• Addresses,HolidayCardList
• Auto,(make/modelof auto)expenses,repairs,licenses,titleoneach
• Banking,CheckingAccount(orinstitutionname)
• Banking,SavingsAccount(orinstitutionname)
• Credit,AccountLists
• Credit,Contracts
• Credit,ReceiptsandBillsPaid
• CreditCards,(nameof card)contracts,notifications,monthlystatements,correspondence
• EducationalRecords,(nameof householdmember)
• EmploymentRecords,(nameof householdmember)
• Financial(year)goals,spendingplans,networthstatements,etc.
• HealthRecords,(nameof householdmember)
• HouseholdInventory
• Insurance,Autopolicies,correspondence,claims
• Insurance,Disabilitypolicies,correspondence,claims
• Insurance,Healthpolicies,correspondence,claims
• Insurance,Homeowner/Renterpolicies,correspondence,claims
• Insurance,Lifepolicies,correspondence,claims
• Insurance,PersonalLiabilitypolicies,correspondence,claims
• Inventories,SafeDepositBox
• Inventories,ValuablePapers
• InvestmentDocuments
• LegalDocuments
• LettersorCorrespondence
• Maintenance/Repairreceipts,bids,estimates
• Personal,(nameof householdmember)
• PersonalDirectory
• ProfessionalDirectory
• RealEstatePropertydeeds,lease,check-ininventory,rentalpolicies
• Receipts(majorpurchases)
• Retirement,(nameof householdmember)
• Services(plumber,electricians,etc.)
• Taxes,(year)
• WarrantiesandGuarantees(appliances,equipment,etc.)
Setting Up a Record Keeping System (continued)