Organize Your Receipts Before Tax Time and Beyond
When I started my business almost 11 years ago, as part of the Accounting section of my filing system, I had a folder for each vendor I spent money with regularly (e.g., gas, light, Office Depot, etc.). When I found myself sticking receipts in a To Be Filed folder, I knew my system was too tedious. I was procrastinating about filing everything, and that told me I needed to simplify. 
Here is a simple solution that works for me.
- Create a home for all receipts for the current month. This can be a file folder, tray, basket, or whatever works for you.
- Create a home for all pay stubs from clients. For all checks you receive for the month, keep these pay stubs separately and near your receipts.
- Keep everything with that month’s bank statement. When the bank statement arrives, use a jumbo paper clip to keep all receipts and pay stubs for that month behind it.
This system is simple so it’s easy to maintain.
One thing though, I had to figure out a way to quickly find receipts for higher-priced products in case I needed repair, etc. I created a contact in Outlook called “Big Ticket Items.” In the text area of the contact I have a 2-column table that is similar to the one below. If I ever need to find a receipt, I’ll know which month/year bank statement to pull.
| Date Purchased | Description |
| 5/15/2008 | HP Laptop, Best Buy |
| 5/29/2008 | Office Telephone, Office Depot – ATT |
| 8/6/2008 | Luggage at TJ Maxx |
| 8/23/2008 | Headset for ATT phone, Office Depot |
| 8/29/2008 | Took iPhone back and got BlackBerry, AT&T |
What system have you developed that works for you? Let me know. If you’d like more training on how to get organized, visit my Website. I also have a before/after organizing story and a page of records retention suggestions on how long you should keep files before destroying.
PEACE.
Peggy Duncan, personal productivity expert
Filed under: Business Growth, Data Backup, Filing, Organizing
