I often learn things the hard way. And again did so when I closed an account.
We’d moved from one part of the state to another and I set up new writing accounts (checking and savings) at a new credit union. After several weeks, I closed the accounts at the old financial institution. Then a few days later, I realized I wanted to look at an e-statement on the old account. However, no more online access! I called customer service to see if there was a way to get those past statements. Yes, for $2.50 each statement. Ouch. And they only had 6 months’ worth. I took them.
That got me to thinking. When we long ago switched from receiving paper statements to e-statements, it never occurred to me that I should download copies. I looked at our family accounts—there were e-statements back to September 2017 (28 months—length of time varies at each financial institution), so I saved all those copies. (Printing to pdf is my favorite method if the site doesn’t offer downloading as a pdf.) I need to do the same with my Visa account.
Why does this matter to us creatives? It may never matter. Unless you get audited by the IRS. Those statements substantiate that meal you bought while at a conference, the hotel bill, airline tickets, webinar and writing event fees, etc. You may have receipts for all these which makes the bank statement less critical, but it seems I always have something where I didn’t get a receipt. Those statements are a nice backup.
I also find them useful when preparing my taxes. I keep a spreadsheet of writing expenses, but sometimes have entered something without the amount. It’s quicker to look at a past statement than going through the receipts.
And speaking of receipts, many are in my email. I don’t usually bother to print them out or save them as a pdf. I think I should begin to do the latter. Not sure how far back I will go, but definitely for 2019. Perhaps there are other options. I’ll address those in another post.