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Organization for Bookkeeping

Casey L Williams, an expert in business financials shares her tips below on organization for bookkeeping. 

Receipts, we all hate receipts! Keeping track of receipts is awful. If you use a smartphone, take a picture of that receipt & then store it. When it’s a million degrees in your truck and can’t read that receipt anymore you still have a copy of what used to be on that piece of paper.

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You can store the receipt by date, category or however you want. You can keep it on Google drive for free using your Gmail account or you can subscribe to apps and store it there. We have apps like receipt bank, QuickBooks online and many others. I store mine categorized by date so that they are in a chronological order and makes it easy for me to find them.

Aging parents conversations regarding money

Sometimes we get an email of how to keep track of that. I have a folder where I slide them to.  I store things like Skype and PayPal where we only have an online copy of the receipts so at the end of the year I go in and create 2017  folder, 2018 folder and have it forever so If I want to go back and find something or whatever it may be how long you have had something. When my scanner quit I went back to look for how long we had the scanner and was it worth it buying the same scanner or upgrade to a new model.

IRS Audit

When you get in an audit and have a receipt that is proof that you purchased something. There are bank statements which are kind of a roadmap but they can’t take bank statements as proof that you actually purchased something. You must have proof that you have a copy of the receipt. If you are not tech savvy then I would recommend that you make a copy of that receipt.

 

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PLEASE NOTE: As of late Aug 2018 there was a proposed law change that would disallow a double deduction for these charitable credits at the federal level for contributions made after Aug 2018. You are still eligible for the AZ state tax credits as the change would only impact your ability to take them as charity donations at the federal level.
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