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Renee
Michigan
549 Posts |
 Posted - 11/04/2007 : 10:26:22 PM
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Yes, excellent advice from Dionaea. I whole-heartedly agree and follow pretty much the same protocol, with one (big box worth of) difference...
I put every bit of info onto (into?) my invoice, print a copy AND have the hard-drive copy (I use Quicken H&B). My invoices are numbered sequentially, and filed in only two files - one for "Paid" and one for "Unpaid". I wait a couple weeks after I deposit the check (to make sure it clears), then I dump/shred/delete everything EXCEPT the invoices. At the end of the year, I have just one file - and each invoice number is also cross-referrenced in my journal. If I ever need to find anything, it would be quick & easy to do. |
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crtowles
California
553 Posts |
Posted - 11/04/2007 : 3:09:22 PM
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Hi Barbiek,
You got some excellent tips from Dionaea. I can't add too much more. I too keep all of my files for an extended period of time. Not as quite as long. Decide what you feel would be right for you. It is better to be safe than sorry.
Good Luck!
Carmen |
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dionaea
Tennessee
21 Posts |
Posted - 11/04/2007 : 01:09:51 AM
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I recommend keeping files for a minimum of 7 years. Mine are kept at least 10 years. In my state, you are required to keep your notary journal until you die or your notary license expires and is not renewed. Once you die or you are no longer registered as a notary, you (or your heirs, if you're deceased) must turn your seal(s) and notary journals over to the County Clerk. Of course, in reality, most notaries are not aware of that particular requirement, nor are their families.
My files consist of pertinent information about the closing - the confirmation printout, driving directions, printouts of emails between me and the signing agency and/or title company, the invoice (if one was required), the UPS/Fed-Ex/DHL receipt of mailing, and any notes I may have made about the closing. All paperwork relative to a closing is stapled together - there's usually only a few pieces of paper for most closings.
My file folders are labelled with the name of the signing agency or title company that hired me along with the current year and filed alphabetically, and all paperwork for all assignments from that particular company is filed in it's file folder for the entire year.
I purchase file boxes from an office supply store and use those to store the past years' file folders, one for each year. Typically I can fit one year's file folders into one box, so it's only a box a year to store.
The reason to keep these records is (a) to refer back to if there's a question about payment, and (b) to refer back to if there's ever a question about the closing and your part in it. Chances are very unlikely that you would ever have to produce any of it, but if Murphy's Law kicks in...especially with the number of bankruptcies going on and borrowers trying to find any way to wiggle out of the loan...either the lender or the borrower might bring your recollections and records of the closing into a court case, if the dispute gets that far. I worked as a legal assistant in a fine law firm for over 18 years and gained a very healthy respect for the keeping of all kinds of records and paperwork. One physical document that verifies your statements beats a million verbal utterances and any amount of trying to remember long-past events. Better to be safe than sorry. |
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barbiek
Minnesota
12 Posts |
Posted - 08/01/2007 : 04:02:33 AM
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HI Carmen, Just wondering how long should I keep my clients files? Can I shred them after I receive payment or is there another reason I should keep them?
Thanks!
barbiek |
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How long do I need to keep my client files?
