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Old 07-19-2010, 11:28 AM
261 posts, read 1,318,358 times
Reputation: 129


The IRS will be auditing more people in the coming years with their increase in staff and focus on revenues, and I wanted to see what is the best/most efficient way most business owners save/file their receipts for write-offs?

It becomes somewhat tedious to gather receipts and file it away all the time.

I havent tried scanning receipts, and I wonder if that makes it easier..
Anyone have experience with this?
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Old 07-19-2010, 03:56 PM
10,030 posts, read 36,260,515 times
Reputation: 11812
After years of trying to keep everything and keep it organized, I found the best way for my businesses is to keep a file box for each business and place the receipts in it on a daily basis.

The filing is done after each and every biz expense is logged into my QuickBooks program.

For years, I relied entirely upon my Quicken checkbook registers, but that doesn't break down all the CC payments that I use for my business expenses. The QuickBooks does, and once you get started with it, it's simple and easy to use. Best $99 I've spent in a long time to minimize the bookeeping issues for my accountant and the tax people.
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Old 07-19-2010, 04:04 PM
Location: The Southern Sac's, NM
1,855 posts, read 2,553,323 times
Reputation: 2804
I file them by month after logging them into my bookkeeping program.

I had trouble with the little curly slips getting lost in my file, so now I staple the cash register receipt on to a blank piece of paper and hand-write the date and the expense type (office supplies, postage purchases, etc). That way, all the sheets are the same size.
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Old 07-24-2010, 01:41 PM
24,852 posts, read 28,011,596 times
Reputation: 11343
I only pay one of two ways.

A check. I keep my statements.

Credit card.

Chase is GREAT!!!!

I have a record at the end of the year. I just print it.
Things are in categories.

BTW, I just got about $1700 cash back this year.
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Old 07-25-2010, 09:14 AM
25,632 posts, read 25,486,075 times
Reputation: 22883
Quickbooks and two Smead standing expand files. One file for everyday of the month and one for every month of the year. You can figure out the rest.
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Old 07-27-2010, 03:49 PM
28 posts, read 105,858 times
Reputation: 30
Keep the receipts with the associated invoice or statement, then file by vendor or month depending on how much activity you have.
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Old 08-28-2010, 05:21 PM
261 posts, read 1,318,358 times
Reputation: 129
I actually came across a CPA firm that is very accommodating. I pay them a small fee, and they send me an envelope every month where I just stuff my receipts and mail it to them. They organize the receipts, categorize expenses, send me monthly spending charts and patters, recommendations, etc.
PM and i will send u their website,
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