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how long to keep utilities/credit card invoices?

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lsac0902
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how long to keep utilities/credit card invoices?

Post by lsac0902 » Wed, 22 Jul 2009 1:53 pm

Is there any rule? I ask the question because there are rules for this kind of thing in my home country.

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carteki
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Re: how long to keep utilities/credit card invoices?

Post by carteki » Wed, 22 Jul 2009 3:41 pm

There are no rules per say for an individual, but companies have to comply with document retention laws for tax purposes etc. Depends on why you would need them. If you need proof of purchases, or payments for tax purposes then you need to keep them. More information needed.

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sundaymorningstaple
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Post by sundaymorningstaple » Wed, 22 Jul 2009 3:48 pm

For your own safety it would be wise to keep them for 7 years. However, the legal requirement might not be as today most have online documentation where you opt out of receiving tree destroying hardcopies. You could do what I do and scan them all and burn them to DVD by year. Or you could just keep them in envelopes (I used to do that) before CD burners.

Unless you are a business though, I don't see really any reason to keep them any longer than a year or two. (I did use my old utility bills a while back to chart a trend over the 10 years I've been in my HDB Flat).
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

lsac0902
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Post by lsac0902 » Wed, 22 Jul 2009 4:56 pm

it's a personal matter. The scan is a good idea. Have a lot to scan though :shock:

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Strong Eagle
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Re: how long to keep utilities/credit card invoices?

Post by Strong Eagle » Wed, 22 Jul 2009 5:39 pm

carteki wrote:There are no rules per say for an individual, but companies have to comply with document retention laws for tax purposes etc. Depends on why you would need them. If you need proof of purchases, or payments for tax purposes then you need to keep them. More information needed.
And what is truly dumb about the business rules is that officially you are supposed to keep hardcopy. But most receipts for taxis, restaurants and other purchases fade in 6 months or less. Scanning is better, but...

Every year my annual report is footnoted with the fact that I don't have hardcopy documentation even though that junk would be illegible.

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