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.

Disclaimer

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  • This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
  • All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
  • Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.

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