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Tractor Talk Discussion Forum

check imaging ?????

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metalsmith

11-17-2005 22:58:25




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im sure lot more than me are having this problem...as a farmer i need my canceled checks back to be able to do my taxes. ive went to the fed.reserve website and its not mandortory that a bank has to do that. what is everybody having to do ? right now ill buy nothing unless the place will give me a reciet marked paid but right now if i pay somebody to work for me i just have to hope the irs will take my word for it or just not bother taking it off. but im glad the poor banks are saving 7 cents on postage when they send my statments.

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Ben in KS

11-19-2005 08:15:52




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 Re: check imaging ????? in reply to metalsmith, 11-17-2005 22:58:25  
What options are offered by your financial institution to deal with this? My credit union has 'check imaging' on their website. I look up my checking account, see that a check has cleared, click on the check number, and a picture of my ckeck appears! for free!! At the end of the year, I have the option to pay $20 for a CD with copies of ALL checks for the whole year. This is all fairly handy, I would look for a bank, credit union, or savings and loan in your area that offers these options. Just my .02 Ben

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Hermit

11-18-2005 19:19:50




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 Re: check imaging ????? in reply to metalsmith, 11-17-2005 22:58:25  
Since Check-21 became effective, some checks are indeed destroyed at the lockbox centers after the transaction is entered into the computer. When I questioned my bank manager about the verification procedures that my bills were paid, she said that the transaction number on the bank statement was the verification that the bill was paid. It's not as comforting as a piece of paper in your hand, but it is modern technology dictated by the government so there's not much anyone can do about it.

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Dave H (MI)

11-18-2005 11:25:12




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 Re: check imaging ????? in reply to metalsmith, 11-17-2005 22:58:25  
Don't know what to tell you. Checks are available from pretty much every bank in one form or another. Can't always ACTUALLY read the copies, but they are around. Seriously though, they are only needed in case of audit and even then you will be asked to provide the actual invoice from the vendor in most cases.



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chvet73

11-18-2005 06:48:10




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 Re: check imaging ????? in reply to metalsmith, 11-17-2005 22:58:25  
My Bank of America account allows me to pull copies of any check I write online. I also pay all my bills through their online service at no charge. Maybe your bank has some features like that.



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Robhkent

11-18-2005 06:37:39




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 Re: check imaging ????? in reply to metalsmith, 11-17-2005 22:58:25  
Your bank should have an checking account that will return images of your checks to you. A check image is just as valid for your taxes as the original cancelled check. Check images are also admissable in a court case. My bank has not returned checks since 1999, but my statement has images of all the checks on them.

Rob



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hlc

11-18-2005 05:56:04




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 Re: check imaging ????? in reply to metalsmith, 11-17-2005 22:58:25  
Adjust with the changes. It is an improvement.



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Rauville

11-18-2005 05:19:47




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 Re: check imaging ????? in reply to metalsmith, 11-17-2005 22:58:25  
I've had an account with Wells Fargo for years, and have gotten every cancelled check back (at no charge). It may take a minimum balance, but I'm sure they would be glad to set up an account for you.



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ChrisH (IA)

11-18-2005 19:25:57




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 Re: check imaging ????? in reply to Rauville, 11-18-2005 05:19:47  
Hi Rauville. Hold on, now. I've been with Wells Fargo ever since they came to Iowa and always got my checks returned too. Until THIS month! Now I get copies of the face side on 8 1/2 x 11 paper that goes inna three ring binder. I used to get the deposit slips back, but that stopped last year. I liked getting the deposit slips back cause they had the name of the check writers on them. Now I fill out a separate one for each deposit. Downside to imaging is that you can't tell who signed the check!

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MarkB_MI

11-18-2005 16:38:19




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 Re: check imaging ????? in reply to Rauville, 11-18-2005 05:19:47  
Rauville, your bank has no control over it. Even if they want to, they can't give you a check that's been cleared electronically. It's all part of Check-21



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tinyy

11-18-2005 04:04:49




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 Re: check imaging ????? in reply to metalsmith, 11-17-2005 22:58:25  
Get the the checks that have a duplicat (copy) then you have it right there when your done.



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nebraskacowman

11-18-2005 03:54:57




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 Re: check imaging ????? in reply to metalsmith, 11-17-2005 22:58:25  
Oh come on, I've done my taxes for 30 years out of my checkbook register. My bank sends me images of the checks, rather small and about a dozen on a page but they are a reference.



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john in la

11-18-2005 03:14:54




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 Re: check imaging ????? in reply to metalsmith, 11-17-2005 22:58:25  
My bank does not send out canceled checks to me either but they make them available to me online. If I need a copy I can then just print it out with my computer.



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MarkB_MI

11-18-2005 03:12:13




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 Re: check imaging ????? in reply to metalsmith, 11-17-2005 22:58:25  
If you pay someone to work for you, you'd better be either withholding payroll taxes or issuing them a 1099. Come audit time, a cancelled check isn't going to matter if you paid them under the table.



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Galen

11-18-2005 06:33:32




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 Re: check imaging ????? in reply to MarkB_MI, 11-18-2005 03:12:13  
For temporary employees you do not have to issue a 1099 or W-2. There is also a dollar limit to go with t.



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Dave H (MI)

11-18-2005 11:22:41




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 Re: check imaging ????? in reply to Galen, 11-18-2005 06:33:32  
Beg to differ, amigo, but businesses have to issue 1099's to any individual to whom they paid over $600. The issue of payroll taxes is your choice and there are definite guidelines for who is an employee. IRS will look to you for unpaid taxes if you don't play by the rules.



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Galen

11-18-2005 12:59:40




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 Re: check imaging ????? in reply to Dave H (MI), 11-18-2005 11:22:41  
Well - like I said - there is a limit on it (some instances it can be more than $600). It also depends on hours worked. Your tax preparer can tell you more. Been doing it for years. "Temporary" doesn't mean "part time".



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Tim, Ohio

11-18-2005 09:14:55




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 Re: check imaging ????? in reply to Galen, 11-18-2005 06:33:32  
Spot labor is limited to 600.00 per person before a 1099 needs to be issued, 2005.

Tim, Ohio



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