Electronic Records
Anyone keep their records electronically?
Do you also keep the hardcopy?
Any experience with being audited and having electronic records?
Any other thoughts, ideas, comments or suggestions on the subject?
Thinking of going paperless,
Brian
For some strange reason known only to the Gods of bookkeeping, I am unable to achieve the paperless office. My office is built onto the back of my slumy home and looks out onto a garden. I am running Windows 2000 and try to scan everything in and hold originals in off office files for a one year period then dump. But the level of correspondance has increased and the budget of 5% per day of time is being exceeded. I work on a book for at least two hours a day and the rest of the time is devoted to the practice of Full Field Real Estate. Sometimes known as the Deal Shop. Buy Sell, Remodel, Syndicate, REIT, Mortgage Brokerage Res and Com. and of course a great deal of Consulting. Conversion of Mfg Loft Buildings into Residential, Rentals and Condo's. I also do Property Management where we have a ownership share and specialize in the toughies. Weekly Collections etc. etc.
It is the diversity of activity which makes the record keeping so difficult. Scanning in takes time and the movement of paper from office to capture storage file a really time consuming chore.
If you have any answers why contact me I am wide open to any ideas. Lucius
After much searching, I found some info on the IRS' website, quote:
---
Electronic Return Originators may electronically image and store all paper records they are required to retain. This includes signed Forms 8453 and paper copies of Forms W-2, W-2G, and 1099-R as well as any supporting documents not included in the electronic record. Forms 8879 and 8878 may also be electronically imaged and stored. The storage system must satisfy the requirements of Rev. Proc. 97-22, Retention of Books and Records. In brief, Rev. Proc. 97-22 requires the electronic storage system ensure an accurate and complete transfer of the hard copy or computerized records to an electronic storage media. In addition, all records reproduced by the electronic storage system must exhibit a high degree of legibility and readability (including the taxpayer’s signature) when displayed on a video display terminal and when reproduced in hard copy.
---
Any field experience?
Best,
Brian
ps. Thanks, Lucius. Interesting look at a day in the life...