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Posted by magnolia134 on 17-Jan-2012 13:29 Report
How long do you keep invoices and PO receipts?
I keep my invoices (and associated PO receipts if relevant) in a loose-leaf folder for the current month and the one before. After that period I then remove them and file them in a filing canbinet. Said filing cabinet is now bulging as I have kept all invoices (over 2000) from when I started sellling in June 2008. I am getting to the point of chucking a lot out - say all pre-2011 invoices - as there doesn't seem to be much point in hanging onto them. I am interested in knowing what others do with their invoices?
 
Replied by annieoakley2000 on 17-Jan-2012 14:01 (Ref 2328937) Report
I keep mine until the completed folder gets a bit full.

Then I remove the older ones and when I have enough I shred them  - take a bag of shreddings to the Pet Shop for their pets in the window and keep a bag of shredding to use as filler in boxes for my items to be shipped in.

That way everyone is happy and I've done some pretty effective recycling - LOL !
Replied by magnolia134 on 17-Jan-2012 14:04 (Ref 2328938) Report
So how old is an old one before it gets shredded?
Replied by annieoakley2000 on 17-Jan-2012 14:12 (Ref 2328939) Report
When the transaction has long been completed and not ever likely subject to a dispute or missing parcel claim etc etc.

You can always start shredding from 2008 and work your way up to maybe middle of 2011 (last financial year).

That means you have only 3 years of shredding to look forward to - LOL !
Replied by magnolia134 on 17-Jan-2012 14:35 (Ref 2328941) Report
Woopee!

Not sure if my liittle manual shredder will last that long.
Replied by richbartim on 17-Jan-2012 14:54 (Ref 2328945) Report
once I receive feedback, I know the buyer has received the item so post receipts get torn up. invoice is on my QS pages. my record is wrote in a book.. contains..item, price, buyers name address and user name once this book is full it is kept for a while then destroyed.
I don't see a point in keeping too long.
Replied by nefer_sold on 17-Jan-2012 15:49 (Ref 2328950) Report

I usually keep them for 6 months then shred them.

Before filing I do an audit of my listings and stock to make sure multiple items have correct number showing and mark sold items in EL.

Why 6 months?  Its just easier for me and no other reason.
Replied by spade on 17-Jan-2012 16:20 (Ref 2328951) Report

I use an expanding file with 12 pockets, one for each month of the year, when I get to the beginning of a new month I empty out the receipts for that month from the previous year, so I guess that means I keep them for 12 months, that's long enough I reckon unless you need them for tax records then you should keep them for seven years
Replied by quickbuys on 17-Jan-2012 16:51 (Ref 2328954) Report
3 month unless for tax, then 7 years, as spade said.
Replied by tmbjewels on 17-Jan-2012 16:54 (Ref 2328955) Report
In a file for 12 months then I have a good clean out..
Replied by throughthelookingglass on 17-Jan-2012 18:11 (Ref 2328966) Report
I write each sale into a day to a page desk diary as computer backup. Put the AP invoice in there. At end of year (after doing all accounting) I put a rubber band around all & file. The diary is bursting & tatty by about Sept each year.

Just a few days ago I shredded all paper from 2008 backwards. Threw the diary hardcovers in the bin. I'm thinking of doing upto 2010, so am interested in replies to this question.

It's a system that works for me,  & allows me to remember repeat customers, but I think I've been hoarding excess paper too long. Cheers, TTLG
Replied by magnolia134 on 18-Jan-2012 00:24 (Ref 2328990) Report
My paper hoard is enormous also. I print each invoice which I put into a folder, then stick the PO receipt to it if applicable. I write on each invoice when it has been paid (and how) and also write on it the date of posting.

I also keep a spreadsheet of all my sales - item, buyer, purchase price, fees and profit. I suspect I'm a bit too anal retentive (but have never been an accountant).

BUT after reading all the replies, I am now going to shred all invoices more than one year old.
Replied by stumpy007 on 18-Jan-2012 09:49 (Ref 2329007) Report
Thats a great post. There was some good ideas there. I particularly like spades about putting the receipts in an expanding file, so I might steal that idea if you dont mind. We currently throw everything in a tray! Its a pain sifting through it to find a receipt though grrr.
I keep them til I throw them out lol. Might be when the tub gets full but I dont throw out under 6mths old
Its just one of those jobs that we dont have time for... lol

Maybe if I didnt spend so much time in the forums I would have time? Nah thats not gonna happen lol!!
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