Personal Finance Book Keeping

[Fidu.Ciary]

Hello all,

I have just moved and settled here in the US from the wee little place called England, across the pond.

I wanted to get an idea of what methods/systems folks follow in the day to day bookkeeping.

How do folks manage a good bookkeeping and archiving system, in today's age of multiple accounts, credit cards, etc etc.

Hoping to get some useful ideas from this forum.

[sweeps]

Re: Personal Finance Book Keeping

Welcome. I think you'll find that most people *don't* have a system at all, beyond maybe balancing their checkbook by hand. The people on this site are better -- some people use Excel, some use Mvelopes, some use Quicken or Money, others use a custom solution.

Not sure what you're looking for as far as archiving is concerned. This is why I still like paper bills and statements even though everything is electronic. Saves me time and money in not having to print (or scan) everything.

[Fidu.Ciary]

Re: Personal Finance Book Keeping

Welcome. I think you'll find that most people *don't* have a system at all, beyond maybe balancing their checkbook by hand. The people on this site are better -- some people use Excel, some use Mvelopes, some use Quicken or Money, others use a custom solution.

Not sure what you're looking for as far as archiving is concerned. This is why I still like paper bills and statements even though everything is electronic. Saves me time and money in not having to print (or scan) everything.

I am looking at the book-keeping, paperwork archiving from the TaxMan's point of view. Saving the papers for seven years etc etc.

[sweeps]

Re: Personal Finance Book Keeping

Hmm, ok, then what you're looking for is "record retention". I keep tax records forever, but 7 years is probably long enough. Here's a good list of guidelines: Records Retention Guidelines

[Fidu.Ciary]

Re: Personal Finance Book Keeping


Thanks Sweepslayer. There is some useful information on that link. Now I will have to make up a 'digitised' version of the system.

Thanks again!

[boefixepa]

Re: Personal Finance Book Keeping

I kept everything for years. After never needing to look up any bill I chucked it all unless I need it for taxes. Taxes I keep for the seven years. Bills I can always reprint on line if I need them for some reason.

So now I keep health records for me and the animals, and tax forms. The shredder eats everything else.

[creditcardfree]

Re: Personal Finance Book Keeping

I keep all my tax records. I also set up a file at the beginning of the calendar year with the new year, so that when I come across a something that will be needed for tax filing I just drop it in the file. It helps me from losing anything before its time to file.

[jmjj215]

Re: Personal Finance Book Keeping

I keep a tax file for each year, much like creditcardfree.