Posted by Kristine-CA on August 19, 2009 at 19:57:33:
I have to do receipts and keeping track of all paperwork once a week,
otherwise I do get behind and am ever so resentful about it all. This is
also when I look at how many hours I/we have spent on whatever we
spent it on: marketing, calls, paperwork, driving/viewings, offers, etc. It
keeps me honest…with myself.
How do you organize repair receipts? - Posted by Edwin
Posted by Edwin on August 17, 2009 at 23:53:10:
Just curious to know if there’s a better way of handling and organizing all those pesky receipts from Home Depot, Lowe’s, Red’s Plumbing Supply, and other suppliers of goods and services to landlords. I take mine and stick them in envelopes, and periodically go through them and enter them into the computer, but that’s a drag and I end up procrastinating far more than processing them like I should. Furthermore, time I spend doing this takes away from the time I could spend on probably more higher-paying tasks, like finding a profitable property to buy.
Should I hire a bookkeeper for this? Maybe a part-time college student for $10 an hour? I’ve been reluctant to hire it out before since I don’t trust someone else to be as detailed as me.
I’d love to know how others do this. Surely there must be a better way?
Re: How do you organize repair receipts? - Posted by Natalie-VA
Posted by Natalie-VA on August 19, 2009 at 14:17:38:
I enter ours into Quickbooks everyday, so I don’t get behind. I have a separate envelope for each property, so each receipt goes there after it goes into QBs.
If I let them pile up, it takes too much time.
I do all of our bookkeeping. I’m way to much of a control freak to delegate it.
–Natalie
Re: How do you organize repair receipts? - Posted by Gene
Posted by Gene on August 18, 2009 at 11:36:17:
My system is quick and has worked well for me.
Separate stuff at the store so you get a separate receipt for business and personal. Then I write what project its for on the top of the receipt (usually the street name of the property) while still at the store.
Then I put all my receipts into a folder.
Each month I enter them into a spread sheet using the this format:
Date amount vendor tax catagory property notes
With this info I it is easy to organize for taxes using the excels sorting functions.