Financial Planning for Generation X & Y Women
 
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Expert Q&A Archive

03/27/2008
How do you archive bank statements?
I just wanted to know what you do with bank statements that you're keeping. Do you keep them ad infinitum in the same folder? Do you have a folder for every year?
Gail Rosen, CPA:
expert info »
You should [keep] bank statements by year in a separate folder for 6 years after you file your tax return. I would suggest you keep a folder by year of all backup to justify your taxable income and expenses for the 6 years after you file your tax return.
Rosemary Ervin, CPA:
expert info »
If you itemize deductions on your personal income tax returns, you should retain bank records for charitable contributions (unless you have a letter from the charity detailing the amount and date of contribution.) You should keep [a record of] medical expenses, mortgage interest and tax payments, whether income tax or real estate. Keep them with your tax returns and discard old tax returns that are more than seven years old.
Jeff Kyle:
expert info »
For personal banking, if all is accurate, I only keep a year archived. For my business, I keep it all with my tax documentation. By the way, most banks keep all that info archived for years. My bank has on-line banking & I can look up every check I've written & actually print it off from my
computer.
Michael A. Masiello:
expert info »
Keep bank statements for only a few years unless you need them for some reason. Most institutions can recreate statements for a fee if needed. Itís best to shred all of the above documents.
Jody Rorick, CPA:
expert info »
If you keep your check registers with your tax returns, you don't need to keep your bank statements, because you can always request a copy of your bank statement or a check, if needed, from the bank. If you haven't kept a meticulous and accurate check register (a record of checks you've written) it's best to keep your bank statements as long as you keep your tax returns. If you're keeping your bank statements because your own records aren't accurate, then, yes, keep them separated by year, and file them [keep them filed] with [your copy of] each year's tax returns. Then, when the statute of limitations runs out for each return, you can toss the bank statements too.
Connie K. Marmet:
expert info »
I would recommend saving ones that document tax deductions such as charitable contributions, medical expenses, etc. although there should be receipts to document the expenditures as well.
 

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