How to keep records if all banking is online?

B Wooster

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Jan 5, 2004, 10:18:51 AM1/5/04

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My bank activities are now at on online bank, they don't
mail me paper statements, and monthly statements are available
online only for past 4-6 months.

Considering that the IRS needs records 3 years or older (if audited),
how do people handling the record keeping requirements?

Any thoughts on this?

Should I be printing each month's report and keeping it?
Should I just depend on the bank - call them up when needed
and ask them for a 3 year old record (I bet they'll say they don't
have it or charge exhorbitantly for this service!)

Paul A Thomas

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Jan 5, 2004, 11:12:56 AM1/5/04

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"B Wooster" <bwoos...@hotmail.com> wrote

> My bank activities are now at on online bank, they don't
> mail me paper statements, and monthly statements are available
> online only for past 4-6 months.
>
> Considering that the IRS needs records 3 years or older (if audited),
> how do people handling the record keeping requirements?

Print parer copies for your files, copy it to a folder on your computer, or
something.

> Any thoughts on this?
> Should I be printing each month's report and keeping it?
> Should I just depend on the bank - call them up when needed
> and ask them for a 3 year old record (I bet they'll say they don't
> have it or charge exhorbitantly for this service!)

In the end, it is your responsibility to maintain records sufficient to
establish your income, and most importantly your expenses/deductions.
Whatever method you think will meet that requirement you need to do.

--
Snowmen fall from heaven unassembled.
-------------
Paul A. Thomas, CPA
taxman at negia.net

Herb Smith

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Jan 5, 2004, 5:02:46 PM1/5/04

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bwoos...@hotmail.com (B Wooster) wrote in message news:<75cc51dd.04010...@posting.google.com>...

Since it is up to you to maintain such records, perhaps YOU SHOULD be
printing the monthly or quarterly statements and filing them away.

Me

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Jan 5, 2004, 7:03:06 PM1/5/04

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In article <75cc51dd.04010...@posting.google.com>,
bwoos...@hotmail.com (B Wooster) wrote:

> My bank activities are now at on online bank, they don't
> mail me paper statements, and monthly statements are available
> online only for past 4-6 months.
>
> Considering that the IRS needs records 3 years or older (if audited),
> how do people handling the record keeping requirements?
>
> Any thoughts on this?

Buy a copy of Quicken. Use it. Make backup copies of your data in case
your hard drive fails.

rick++

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Jan 6, 2004, 11:09:34 AM1/6/04

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> Since it is up to you to maintain such records, perhaps YOU SHOULD be
> printing the monthly or quarterly statements and filing them away.

The bank will keep records for several years. But dont be surprised
at the cost of copies. Could be $5-$10 per statement or check image.