Real Check Stubs are what everyone prefers these days as a better alternative to traditional stub making.
As it is possible to make free pay stubs with online-paystub.com when you make more than one paycheck stub in the first time, many employers and freelancers prefer making bulk stubs.
The main purpose of creating multiple stubs in one sitting is to save time. Users are free from the worries of making stubs after every specified period of time. At times when you are planning to make your next pay stubs online, you are already having past paychecks saved with you. Did you ever feel like how long they should be preserved with you?
Also, it is possible that both employees and employers get this question. What if any employee reclaims stubs? How will you provide them again? Here are some situations when employees may reclaim stubs from you.
Related Read: When can you reclaim Online Pay Stub from your employer?
All about Storing Real Check Stubs
You may want to hold back your real check stubs due to a number of reasons. There are multiple uses of pay stubs. They are required to be produced for availing loans, credit facilities, during the tax season, for calculating W2 Wages and more.
Once they have been used for their desired purpose, you may find them as an additional clutter which is no longer needed now. For instance, the pay stubs which you made 10 years ago might not be required now. But the same logic does not apply to the online pay stubs for a year or two before the current year.
This often raises a question in stub makers that until when they should keep it. Here is everything you need to know.
Using Cloud Based Services
As soon as online pay stubs came into existence, it simplified accounting. Instead of occupying physical space in your desk, it can now be stored in your mailbox. Why don’t you use cloud-based services like Dropbox or Google Drive? Organize your pay stubs in year-wise folders so it will be easy for you to store and retrieve them. This way you can hold on to your stubs forever.
Ideal Period to Keep Online Pay Stubs
Though it is easy to store files on the cloud, the question still remains the same: How long to hold on to these financial documents? You should know that online pay stubs are one of the important financial documents but you don’t need to hold them forever.
The rule of thumb is you should keep pay stubs for at least one year. You need them to pay your taxes as they are also important for reconciling W2 Forms and Social Security Contributions.
Once you have paid your taxes, the tax return statement will serve as an accurate record of the money you have paid for the year.
Discarding Real Check Stubs Safely
When you are sure that you don’t want to keep your pay stubs online any longer, it is better to discard them safely. This is required to be done consciously else, someone else can easily misuse your personal financial documents.
If you have printed them out for some reasons but didn’t use them, then it is better to shred them. And, if they are stored on the cloud, it depends on you how long you will not trash them.