View Full Version : Receipts
02-04-2011, 08:00 PM
i was just wondering how everyone keeps track of there receipts? If anyone had a spreadsheet or word format they used. I run solo right now so not too many customers just looking for some way to keep everything organized.
Thanks in advance for any help or input.
02-04-2011, 08:13 PM
i use Quickbooks save all receipts and enter them into quickbooks its a pretty cheap program and worth the money
02-04-2011, 08:18 PM
i buy receipt books at walmart...they are cheap...you can give the receipt to the customer if they want one and keep the copy for your records
02-04-2011, 10:55 PM
Nearly all of your posts about getting started are answered in one word: QuickBooks.
QuickBooks provides you the function of entering every expense for your business. Yes, you keep the store, distributor, or retailer receipt. Enter the date, who, amount, category to be charged, then store the receipt.
How to store could be many ways. A very simple way is to get 12 manila envelopes, one for each month. Another choice might be a pocket folder for a three-ring binder, one for each month. Another choice might be an expandable file, one with 12 (13?) pockets, each labeled with a month (the extra pocket can be used for other purposes if necessary).
I keep cash, debit/check, and credit receipts separate. I do this in case I have a problem and need to retrieve it to check against my QB entries. You need to keep the receipts for seven years, I think. Somebody else can chime in on the length of holding the receipt. Your CPA may wish to review them, so you need them organized.
When I make any purchase, I write on the receipt, date, form of payment, amount, and what the purchase is and how it is to be categorized (e.g. belt for ZTR). Many of the receipts printed from the machines are on heat-sensitive paper, and will fade pretty quickly. In QB I have breakdowns in several categories, along with sub-categories. I know how much repair was allocated to every piece of equipment I own, for example. How detailed you wish to break down the expenses is up to you. There is no time like the beginning to make the breakdown fine. You can always collapse, but cannot expand.
The key answer to your question remains: QuickBooks, if not, then something very similar that tracks income and expenses and allows breakdowns to several levels.
02-04-2011, 11:08 PM
I just throw mine in a shoebox. I download all transactions from my bank to Quicken. I spend about 10 minutes every 2 weeks....thats it. Only cost $5 a month for those services.
02-04-2011, 11:23 PM
Thanks everyone for your help and input
02-05-2011, 11:06 AM
Quickbooks is the right answer. Also, if you want a way to keep those receipts, check out Neat receipts. It will scan in your receipt, let you classify it, and upload it into quickbooks. Now, when I get gas, I scan the receipt, it will automatically classify it based on the name on receipt (since it knows your past), and upload it to quickbooks. Automatically classifies it in qb too.
150 bucks for the portable one with the software.
I also use paperport to keep my stuff in electronic form. I can fax from it too, using Myfax service for 10 bucks a month.
02-05-2011, 03:19 PM
Receipts? Who keeps receipts? I just either use my check book entries/canceled checks or bank statement if I used a debit card/credit card.
02-05-2011, 06:43 PM
Every receipt goes in a big manila envelope. The key is to get every receipt. Know what is deductible and get a receipt. Toilet paper in the office, that quart of oil you needed, work jacket you bought the day it got cold, everything! Takes me about 10 hours at the end of the year to put it all in categories and add it all up for the department of revenue.
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