Re: Keeping records
Does your state require keeping records? IMO what is more helpful are standardized tests - if your kids take those, I would keep those records. I'd also keep their math workbooks and a few written essays.
But honestly the rest is irrelevant until late middle school/high school. Should you need to place them in school, the school would administer assessments for placement. For high school then better record keeping matters IMO, but not for elementary school. For middle school only math really matters IME (though again that is determined more by standardized test scores).
ETA: If you want, you can create a report card for each child for each grade. That should be just 1-2 pages per grade total.
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