How long should you keep receipts?
Published
Nobody likes the answer, but it is the true one: it depends. The rules differ by country, by whether the money was for a business or for you, and by what the receipt proves. Be wary of anyone who gives you one number for everyone.
Three kinds of receipt
Records for tax or accounting. If a receipt supports a figure in a tax return or in the books of a business, the rules of where you live decide how long it must be kept. For businesses this is generally measured in years rather than months. Your accountant or your tax authority can tell you the exact period; ask once and write it down.
Proof of purchase. For anything with a warranty, such as a laptop, an appliance or a bike, keep the receipt at least as long as the warranty runs, and a little longer if you can.
Everything else. The coffee, the bus ticket, the bag of apples. Keep it until you have seen the expense recorded and the number looks right, then it has done its job.
A digital copy is a good start
A clear photo of a receipt, attached to its expense, is much easier to find than the paper ever was. For many purposes it is the practical record. Whether a particular authority accepts a digital copy in place of the original is another thing to ask, particularly for large purchases.
Keep the paper in some cases
Receipts printed on thermal paper fade, so a photo taken early is also a safeguard. For high-value items or anything you might one day argue about, keep the original as well.
Take your own copy
Your records should not depend on a single service being around forever. Export your data from time to time, a zip of everything you have created, and keep it with your other important papers.
When in doubt
Ask the person who prepares your accounts, and keep the answer with the records themselves.