On Going Paperless (scanning software question, etc.)

[agh98]

After reading threads on other forums, I have decided to use my epson scanner to go paperless (as close as possible) with OSX. I have not settled (or even found a suitable program) on a program yet but have come up with the following scheme:

- Scan in monthly financial statements, bills, notices
- Keep hard copies in a "2-month" folder and then shred
Make regular backups to supplement my usual Carbon Copy Cloner backups on CDs (and have one CD in a safe or safe deposit box).
- Keep hard copies of tax returns/other very important documents

Has anyone implemented such a system and have suggestions as to methods/programs/techniques? Legally, I'm also thinking if I need to have hard copies of certain things (i.e., will courts approve of printouts of scanned in financial statements?)

A lot to think about and a big initial project but regular updates should be a snap I would think!

 

[Arden]

Hmm... I wonder if going completely paperless is a good idea. It's great if you use something like Quicken to keep track of your financial records, but for insurance documents, receipts, etc. it can be a good idea to keep the original hard copies filed away somewhere, and to keep them neat and orderly so you can find what you need easily.

As for legal issues, you should contact a lawyer and find out what you can and can't keep on the computer.

 

[bobw]

Legally, the IRS can require paper receipts for the last 7 years. Printouts of financial statements should be fine. The institution can back those up. Receipts for purchases that you use for personal tax purposes, I would keep the originals, unless you know you can contact the company for duplicates later on. Receipts for business accounts, printouts should be fine. The company that billed you will have a record that can back you up.