Receipts.. whoops

Gee, it never pays to fall behind on keeping your records in order.. we've been a bit slack this year.. tonights pile of receipts that need processing below :-(

/forums/photopost/data/506/58receipts.jpg

[ EDIT: moved image to photo gallery and replaced with image link - Sim' ]
 
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I bet the one for the digital camera is the one right at the bottom of the pile (if you can even find it!)

(Is that the reason you posted this pic, to justfiy the camera as an expense? :)
 
Dear Duncan,

Yes BAS statements can be a pain in the ass and yep the 28th of April is not that far away. But the knowledge that is brought through regularly keeping your accounts up to date, picking up errors when they happen, preparing in advance for end of financial year issues, knowing to make your super payment for the April to June period so that it is banked BEFORE the 1st of July certainly places you in a much better position when you have an exact finger on your financial pulse.

Cheers,

Sunstone.
 
Over the years, one of the biggest differences that I have found between serious investors interested in building wealth and, people destined to be poor is their attitude towards the less interesting side of investing. That is keeping records.

- Dale Gathrum-Goss, Tax Battles Manual 2002 pg 61

Duncan maybe he is trying to tell you something. :)
 
Originally posted by always_learning
Duncan maybe he is trying to tell you something. :)

Maybe :) We generally have good records.. unusually, we're just behind on receipts after a hectic few months.

Dunc.
 
Originally posted by Kevin Hockey
My records never look like that - my systems are perfect - and my desk always immaculate - filing always done. Trust me, I'm a real estate agent. :D

Kev

www.nundahrealestate.com.au

Kev forgot to post the last bit...

I have ammended it for him...

his post should read:

My records never look like that - my systems are perfect - and my desk always immaculate - filing always done. Trust me, I have a competent PA... :)


asy :D
 
G'Day all,

There is a lot of information that can be gleaned from posts on this forum.

Now Let's see ASY posts at 2.45 pm Saturday afternoon

followed by reply at 3.11 pm by Kevin Hockey

using my "Sherlock Holmes" powers of deduction, I have established that today is a very quiet Saturday afternoon for Real Estate Agents in Queensland.

Now both of you, get off the forum and do some work.

regards
 
Boy, Dunc, that's a really big shoe box. I'd get smaller feet.

I have found the ring binder to be my saviour. Open shoe box, drop in receipt. Punch hole, file in folder. See, still only two steps. You can be really rash and add a third (write on cheque number). Receipt too small to hole punch? Place in A4 sheet protector (ask your children).
 
Hi Donna,

I admit to already having found the joy of ring binders (have several bookshelves full of them... they just work better than filing cabinets !!).

I also admit that my receipts binder is a little chaotic, and I dread ever needing to find anything in there. I just haven't spent the time to work out a really good system for filing my receipts in there.

Simple chronological order would be easiest (just add new receipts at the back - or the front if you want to do things backwards)... however, that's still not particularly useful for being able to track things down.

What about categorising by expense type ? Or do you just lump all property related receipts together ? What about other types of receipts ? Home office expenses ? Work expenses ? Seminar expenses ? etc etc.

So my question for you is, how do actually run your ring binders ?

I am regularly guilty of over-engineering (one of my many flaws), and so often need to be reminded of the simple solutions :rolleyes:
 
Originally posted by Sim

So my question for you is, how do actually run your ring binders ?

Sim,

Glad you brought this up, its been bugging me as well..

It gets complicated.. especially when you bring home a receipt that has expenditure on it for say 2 different properties, the Office and a personal expense.. how do you capture those 4 'events' in your filing system?

Duncan.
 
Hi all,
I use a no. of pocket binders. 1 for each IP plus a Work related & a special one for Gen. expenses which holds IP seminars, Invest library etc. I label them & use new binders every tax year.
If you check out your last returns there are headings (Alphabetical) like Agent fees, Insurance, Maintenance, Postage etc, Sundry expenses. Try to put receipts in the categories as the longer the tax agent has to spend categorising the expenses for you the higher the charge. If in doubt, ring the tax agent as most are only too happy to help set you on a more ledgable system.
Cheers Brenda.
 
Tax time is not so much of an issue - as all receipts get entered into Quicken and categorised there almost immediately after the expense is incurred (at least once a week I go through all the receipts I have collected and update Quicken / Quickbooks).

It's more filing the receipts for future reference in case of audit, or needing to double check a hard copy.

But still, those categories would be a good place to start, I'll have a think about that.
 
OK Folks,
I have the answer for all of you, Saint Jakk, patron saint of all messy desktop owners has a system that will revolutionise the way you record and keep receipts and have them accessible within a minute.
This system actually changed my life, prior to this I had boxes and envelopes and more boxes and mess....I think you get the picture.

Firstly one must get a computer software accounting package like the one Sim wrote about above. There is a heap out there, personally I use Quickbooks nowadays after originally starting out with Quicken 3, a few years ago. (I believe Microsoft Money will do similar stuff and you'll usually find it bundled up with other Microsoft software) ...Ask Sim or one of our other computer people on here about the functionalities of these accounting packages.
Ok here's the deal, Then you get a box of suspension files and tab them up in thus fashion......January 2002, February 2002, March 2002, April 2002......and so on...........I think you all get the drift so far.........then you go to your shoebox, big plastic box, garbage bag, wallet or wherever your receipts are, Get them out and enter them in your computer accounting software package, The date you enter is the date you paid it......."you all with me so far" then you categorise the expense or sub categorise it.
You see these accounting packages are marvelous things, they allow you to set up categories for anything you like...for example say you have a property King Street, the main category would be ..you guessed it.....King Street... and sub categories would be all the things about King Street like insurance, council rates, water rates, letting fee, collection commission, rent recieved, gardening, maintenance, .....you got it so far?....
Then when you have entered the receipt you put it in the suspension folder for that month.....simple huh?
Thats the problem, we all think things have to be complicated to be great, not true....and before you ask, What about all those miniscule receipts, they'll get lost or fall out of the end of the suspension file......this system caters for that as well.
For each suspension file you get yourself an envelope and with a big black texta or any other favorite colour, you write the corresponding month on it and put it in the suspension file to house all those eeny weeny receipts e.g. in the March 2002 suspension file you would have in there an envelope marked March 2002. How easy is that?

I also use one of those desktop file frames and at the end of the financial year, I take the 12 files June to July and put then in the filing cabinet.....viola .....done....and start the new financial year. Accessing the receipts is easy, firstly look it up on the computer, and go to the suspension file for that month....viola....there's the receipt.

The other added benefit is that with this system if you have a receipt for multiple items that are attributable to different properties or part personal etc. the accounting package has a "SPLIT" feature that allows you to break down the amount to seperate categories e.g. seperate properties.

So there you have it........the patent pending JakkFile (TM) SuperSystem.

Let's face it folks, we all have heaps better things to do with our lives then spend countless hours punching holes in minuscule recipts and labelling Ring Binders.

Any questions, feel free to ask, I am the filing GURU.

Sim, Is there anything I forgot?

regards
 
No, that sounds good Jakk (in case people are wondering, I accidently deleted Jakk's original post last night - the dangers of reading the forum at 2am with Administrator privaleges !!)

In fact, I think you did better this time Jakk !!

I like your system - and it would work very well for me since I already use Quicken and Quickbooks. I think it can easily be adapted to ring binders, so I'll give it a go and report back.

Thanks Jakk... Slum Lord/Filing Guru :D
 
my habits for receipts are awful

luckily I have a team member who is an expert !!!

each week/day/month I empty my wallet of receipts and it is magically sorted

Im way to lazy to do it ... yet if it wasnt done it would waste so much time looking for things !!!
 
Home Accounting Tip #37

Home Accounting Tip #37
In colder locales receipts make excellent fire starters.


I'm lucky that my partner is the bestest accountant in the world (aside from being a dab hand at doorways & beautiful to boot!)

And I do really appreciate her keeping the accounts.

Cheers,
Aceyducey
 
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