Know How to Organise Your Financial Records

What Are Financial Records?

What Is the Importance of Maintaining Financial Records?

What Are the Different Ways to Organise Financial Records?

FAQs about Organising Financial Records

What are examples of financial records?

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Some of the most important financial records include balance sheets, profit and loss statements, tax returns, ageing reports and cash-flow statements.

How can I store financial records?

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You might follow convention and utilise a straightforward arrangement of clearly labelled folders in any file drawer. More significant records need to be stored in a safe, safe-deposit box or filing cabinet that can withstand fire. If you have limited room and need to clear up some clutter, you can consider storing some of your financial documents electronically.

What do financial records mean?

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Financial records are statements that detail or attest to business transactions. Balance sheets, profit and loss statements, etc., are some examples of financial records.

Do I need to keep my life insurance documents with my other financial records?

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Yes. Your life insurance policy is a crucial financial document. Keep it with your other important records like bank details, property papers, and tax files, so that your family knows where to find it.

I have term insurance. What documents should I keep safe for that?

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For a term insurance plan, keep your policy documents, premium payment receipts, ID proof, nominee details, medical records and customer care information safe. Also, note down renewal dates to avoid lapses.

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