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I always keep receipts from items that have a warranty’s proof of purchase info, whether paid with cash or charge. Bank statements I hold onto for 7 years. Tax returns, I pretty much hold onto indefinitely, regardless.
That being said, I really can’t see any point keeping for example, a $3.73 receipt from a national fast food chain after comparing with the bank statement, and yet I have years’ worth of those, ATM withdrawals, various CC slips, hotel receipts, most under $20, some in the 100s’. About seven file boxes worth.
I can bet my bottom file box that years (or even months) later, McDonalds is not going to try and say my bill was actually $37.30 instead of $3.73, after charging me the original total, and yet…
Now, my CC is being upgraded for more points, and I am also going to be using it to charge everything, as well as to help speed things along in the checkout lines, which of course means…you guessed it!
How long can a merchant come back at the consumer, and vice versa?
It sure would be helpful to hear what the current laws are and what you do.
Thanks.
Since you can go online and check this info, I keep no paper copy. I do keep store receipts for warranties and returns though. Usually no more than a month, except big ticket items. Even those I am starting to register online for warranty support.
I'm not sure what you mean by the merchant coming back at the consumer.
I only keep receipts if its something that might need to be returned. Otherwise they go. As the above poster said, I can get things online such as statements, etc. since I use Quickbooks and things automatically download and reconcile, I rarely even look at the statements.
Some stores don't even require you to have the receipt to return things. Home Depot and Target can look up purchases as long as you have the card you charged it to.
Now on the business side I do keep receipts obviously. I can scan them then attach them to the charge in Quickbooks.
I always keep receipts from items that have a warranty’s proof of purchase info, whether paid with cash or charge. Bank statements I hold onto for 7 years. Tax returns, I pretty much hold onto indefinitely, regardless.
That being said, I really can’t see any point keeping for example, a $3.73 receipt from a national fast food chain after comparing with the bank statement, and yet I have years’ worth of those, ATM withdrawals, various CC slips, hotel receipts, most under $20, some in the 100s’. About seven file boxes worth.
I can bet my bottom file box that years (or even months) later, McDonalds is not going to try and say my bill was actually $37.30 instead of $3.73, after charging me the original total, and yet…
Now, my CC is being upgraded for more points, and I am also going to be using it to charge everything, as well as to help speed things along in the checkout lines, which of course means…you guessed it!
How long can a merchant come back at the consumer, and vice versa?
It sure would be helpful to hear what the current laws are and what you do.
Thanks.
A couple of years ago I started keeping receipts in envelopes for each month. My purpose was to try and see EXACTLY what I was paying out for different things...how much I spent on food for me, pets, personal items, household items, etc.. I wanted to see what I could cut down on. After a year I quit breaking it all out but still kept all my receipts. Sometimes they come in handy like when I was looking over all my receipts from vacation last year. I can check what it cost me each day, my gas mileage, etc.. I expect I'll eventually put all of it through the shredder.
I do all my banking online and don't get paper statements so don't have to deal with that but I still get a couple of paper bills in the mail. I keep those until the end of the year then shred them. If there are no disputes/problems why bother keeping them? They just take up space.
I'm not sure what you mean by the merchant coming back at the consumer.
Years ago the old rule (folklore?)was was to keep receipts in case the merchant claims you didn't pay,(and try to charge you twice?) is all I can get from that practice. Don't know how many times that actually happened, unless the merchants knew nobody really kept them at all, or past a month or so, and thought they could get away with it. It's a little different now, though.
Quote:
Originally Posted by AZDesertBrat
A couple of years ago I started keeping receipts in envelopes for each month. My purpose was to try and see EXACTLY what I was paying out for different things...how much I spent on food for me, pets, personal items, household items, etc.. I wanted to see what I could cut down on. After a year I quit breaking it all out but still kept all my receipts. Sometimes they come in handy like when I was looking over all my receipts from vacation last year. I can check what it cost me each day, my gas mileage, etc.. I expect I'll eventually put all of it through the shredder.
I do all my banking online and don't get paper statements so don't have to deal with that but I still get a couple of paper bills in the mail. I keep those until the end of the year then shred them. If there are no disputes/problems why bother keeping them? They just take up space.
There is that angle too.
Both replies were exactly what I needed to hear, thanks...off to the shredder!
Years ago the old rule (folklore?)was was to keep receipts in case the merchant claims you didn't pay,(and try to charge you twice?) is all I can get from that practice. Don't know how many times that actually happened, unless the merchants knew nobody really kept them at all, or past a month or so, and thought they could get away with it. It's a little different now, though
Just one question...how would a person get a receipt unless they DID pay for the merchandise? I know I don't hand anyone the receipt till I've got the money in hand.
I know some things, like income tax records, you should keep for a few years. Maybe 7? I've got those from waaaay back. I look at them once in a while so I can smile at how much more money I make now than I did then.
The only receipts I ever keep is if something has a possibility of being returned. Even on my brand new 2000 dollar tv I bought I don't have the receipt for. The warranty is registered online so no need of a receipt and if I needed to I can go to Best Buy and get it printed out.
I always throw out receipts and try to ask for no receipt or an e-receipt to cut back on paper.
For the old folk lore of a company charging you twice you just go to your bank or credit card company and do a charge back. No worries. You also have like 60 days to dispute a charge so you don't even need to check your statements as often as monthly to find out if there is something fishy.
Business expense: save. Not business expense: toss.
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