What do I do with the receipts I have?




Should I keep them?

YES! You are responsible for producing receipts if you are ever audited. Not your Accountant, Bookkeeper, Tax Prepare, Financial Advisor but YOU. It is ok to seek organization tips from those professionals but you should know where to get your original copies of your receipts. If you have questions regarding how long you should keep your receipts you can research that here: http://bit.ly/IRSRecordkeeping

Should I scan them or put them in a shoebox?

You should definitely scan your receipts because receipts fade and you do not want to pull a receipt out and it does not confirm the expense you are trying to validate. If you have Quickbooks you can scan your receipts right from your mobile device. If you do not have quick books you can take a picture of the receipt and save it on whatever cloud storage you have on your device.


Once I scan them then what?


There are many options for keeping up with your receipts, I have listed two creative ones below.

BINDER METHOD

You can go get a 3 ring binder, the size will depend on how many receipts you have. Purchase folders or sheet protectors. Put the receipts in the folders or protectors in the binder.
You can categorize your receipts by the month or by your chart of account category like office supplies, utilities etc.


STORAGE BOX METHOD

Go get plastic containers from a dollar store in your city and place all your receipts in the one box and label them by the year. This method is the less organized way but it works and it will keep your receipts protected from water.


So yes, please keep your receipts.