I am wondering how long most of you keep previous years client records. Of course in a basis situation you may retain records until they sell the funds or stocks but other than that how long are we required to keep records. I thought I read read somewhere 3 years i.e. 2004 and later.
-
-
3 years.
However, I now keep a PDF of their return forever. My tax software allows me to convert the finished return to a PDF. Computer hard drive space is cheap, and I have a good filing and backup system. -
What software
Are you using that allows for the PDF conversion Bees? Seems like a great idea. I have been saving mine to a flash and I am not sure how confident I am doing this. Thanks.
To answer the question, I generally keep mine up to 4 years. After that, I shred.
PeachieComment
-
Bees
I think we use the same software but I am thinking about paper copies, I can reproduce any return I have ever done but the supporting documents are another issue. I think I read once how you scan all supporting docs to a PDF and save them that way, Good idea. I just have some records of people I haven't seen in several years and probably will never see again. I don't see any reason to save their records any longer than I have to.Comment
-
I read on the board about s510 scansnap. I bought one about 3 weeks ago for around $400. But it works like magic. Actually I call it "little devil'. Search and watch a demo on the web. It's amazing!
KayComment
-
Keeping clients' records
No paper. All .pdf. Those records STAY on the hard drive for as long as I have each computer - partitioned HD, programs in one partition, data in the other partition (Except for ATX, where the "Database" folder is contained within the program - so the ATX programs are in the Data partition.).
ALL paper goes back to the client with client's copy (and a .pdf of everything on a CD for the client.)
When I get a new computer, the builder puts a "copy" of the old Data HD partition on the new HD. (HDs keep getting bigger!) As time passes, I delete items from the old Data HD as seems appropriate.
Security and Back Up - I have a SATARaid - mirrored HDs AND a removeable (actually two) HD and run Norton Ghost periodically.Comment
-
Thanks for info on s510-I've been looking for a scanner like that-been watching
You-Tube on the advertising. Looks good.
Comment
-
I scan all supporting documents (W-2s, 1099s, etc.) into jepg files, which can be read by any computer. I also use ProSeries which can convert the tax return into a PDF.
Jepg and PDF files can be read on any computer. If my computer dies 3 years from now, I do not have to re-load any software to read the data files, as any new computer I buy 3 years from now will already have the ability to read Jepg and PDF files.
I also have a multiple computer backup system which allows me to store backup data offsite, and I have good filing habits.Comment
Comment