Here's a twist on our filing system discussion. Let’s get specific about our filing systems.
How do you file purchasing receipts for the library? How long to do you keep these receipt files?
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I keep for 5 years. And so glad I do. A church member house burned and declared 100% destroyed with 2 library books in the house. She wanted to know how much the books orinally cost. Since they were purchased more than 5 years ago there was no receipt. We were not digital then so there was no price in the database. I found the replacemnt cost for her to submit to her insurance who would reimburse her. In the meantime she paid the replacement cost and I wrote her a receipt and deposited with church financial secretary. Before it was time to so another big order she came back. Firemen had gathered up anything that was not burned to a crisp and stuffed them in large garbage bags and put in storage for her. When she went through her storage she found the books in perfect condition. This was 2 years later. They didnt even smell Smokey. She wanter money back. So I had the receipt in my file. I requester a reimbursement from financial clerk, gave her returned books a good wipe and put them back in circulation.
I keep all of the receipts in a 3 ring binder. Most purchases are online, so the receipts are a sheet of paper. I have to give a copy of all receipts to the church financial secretary, so I only keep them for one year. I have two binders 2023 and 2024. At the end of 2024, I will shred all of 2023 and turn it into 2025's binder. The financial secretary keeps them electronically for five years (that number is coming from memory, so I'm not 100% certain). I only keep them in case there is a question from the church about budget expenditures.
I have a file for 2024 invoices labeled Currrent Invoices. In January, they are moved to one labeled Invoices 2024.
How long you keep them will depend on your church rules for finances.
I'm considering scanning invoices next year and keeping them in a computer folder with same labels.
Rhonda