Four Tips For Handling Receipts
Tax time is just around the corner so let’s help you get ready for your year end. Time to get these receipts in order! One area that most people absolutely hate is taking care of receipts. Here are four tips to help you get a handle on all your receipts.
1. Establish a Routine For Paper and Stick To It
Establish a simple routine for dealing with paper (including receipts!) as soon as it comes into your hands and stick to it. For instance, If you have a day timer then when you buy something, put the receipt into the flap of the day-timer. When you I get back to the office, immediately put the receipt into the appropriate folder. If you do that EVERY time it will become routine and you will never have to think about where you might have put a receipt, and never have to waste time looking for one that’s gone astray. (If you’ve ever torn your car apart looking for that one missing receipt, you know how important this is.)
2. Make Sure Information on Receipts is Legible.
When you get a receipt, look at it, and fill in missing or faded receipt information on the spot. Even if you’ve paid with a credit card, not every machine will fill in all the receipt information you’ll need later clearly. And hand-written receipts are worse. There’s nothing more frustrating then trying to decipher a date or a product long after the fact when you’ve finally gotten around to the data entry stage.
3. Be Careful How Receipts are Folded.
If you must fold a receipt, fold it so that the printed side is uppermost. That way, it will be easier to find the receipt if you ever have to look for it. When you fold a receipt so that the printed side is hidden, all receipts look alike, and you’ll have to unfold them all to find the receipt you want.
4. Don’t let the data entry pile up.
If you have a bookkeeper, deliver your receipts on a weekly or monthly basis. If you’re the one doing it, schedule time every week to do the necessary data entry, and stick to that schedule. If you don’t, you’ll just put it off, and your piles of receipts will become even more unappealing. You’ll always find something more important or interesting to do if you don’t force yourself to do it!
Following these four receipt tips will make it much easier to always be able to lay your hands on the exact receipt you need. One last tip: always ask for a receipt even if it is a personal expense. That way you will get in the habit and will never forget to get one. Then all you do is separate business from personal.
If you need more information, give us a call at Ashcroft & Associates services 250-334-3797
