Filing your receipts

Discussion in 'Business Operations' started by PR0 TURF, Feb 23, 2003.

  1. PR0 TURF

    PR0 TURF LawnSite Bronze Member
    Posts: 1,089

    When you file all of your receipts throughout the year what do you file/classify each of them under? This is how i break mine up...just want to get some other ideas:

    Fuel
    Truck Repairs
    Equipment Purchases
    Equipment Maintenance
    Shop Supplies
    Office Supplies
    Advertising
    Miscellaneous Expenses
    Insurances
    Mulch, Loam, Materials etc
    Phone Bills (Office & Cells)
    Irrigation
    Rentals

    How do you guys break yours down???? :waving:
     
  2. bruces

    bruces LawnSite Senior Member
    Posts: 648

    Either alphabetically, by vendor (who paid to), or by month, with check number noted on invoice.
     
  3. bob

    bob LawnSite Platinum Member
    from DE
    Posts: 4,254

    Off the top of my head I can't remember the whole list. But I also have subbed out work, safety gear, and last years tax prep fee. I'll add more later.
     
  4. HBFOXJr

    HBFOXJr LawnSite Bronze Member
    Posts: 1,712

    By month in the month they came. No category. All category and departmentalizing is done in QB. I only care about where to find the original. We do our accounting on the accrual basis.
     
  5. Tvov

    Tvov LawnSite Bronze Member
    from CT
    Posts: 1,157

    I do it pretty similar, to cut down on filing you could combine "truck repairs" and "equipment maintenance" into one file. Also, what are "shop supplies"? You may be able to put those into "office supplies" or the "maintenance" file.

    You don't have to get too nuts on filing receipts, as HBFOX said as long as you have some idea where the original is.

    When I first started, I used to carefully file the receipts by date, and keep a log at the front of the file detailing the receipts and what they were for. One night, after staying late to "carefully" file my receipts, I realized I was wasting my time, and cut back drastically on needless filing.
     
  6. bruces

    bruces LawnSite Senior Member
    Posts: 648

    The trouble with filing by category is that 3 years from now, if you have to find a receipt for a check to Joe Blow, you have to remember what that was for.

    If you file by vendor or month, all you have to know is when you wrote the check or who it was to so that you can find the receipt.
     
  7. Fvstringpicker

    Fvstringpicker LawnSite Fanatic
    Posts: 7,603

    Go with Bruces recommendation. Let the accounting software break it into and store the proper categories. Give enough reference when you record the info to identify the month, vendor, and check number etc.
     
  8. 1grnlwn

    1grnlwn LawnSite Bronze Member
    Posts: 1,261

    I just label an envelope with month and year. When I enter receipts into QB stuff receipt into envelope. A years worth of envelopes go into hanging folder in archive box.

    Mark
     
  9. MOW ED

    MOW ED LawnSite Fanatic
    Posts: 5,028

    Exactly the same with me except I am using Quicken Home & Business 2002.

    Breaks it down real well and at the end of the year I just print a total of each category for the accountant. Many less headaches.
     
  10. GraZZmaZter

    GraZZmaZter LawnSite Senior Member
    Posts: 740

    That sounds like more work than need be. I file mine in a monthly folder.

    Fuel

    Business expenses

    Personal expenses

    It all works out the same at the accountants office
     

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