Best way to save receipts for REI?

Question

New investor here. What's the best way to save and organize digital receipts and to snapshot paper receipts?  is there a good phone app? or software to use?   TIA

Nelisa Lee · Answer

Agreed, we use QB to save ours. One less extra software to worry about...

Sean O'Keefe · Answer

.

*This post does not create a CPA-client relationship. The information contained in this post is not to be relied upon. Readers are advised to seek professional advice

Basit Siddiqi · Answer

If you have an Iphone, you can create a separate folder for your photos which you can save your business receipts.

An alternative option is using an online storage platform such as google drive, dropbox, etc

Best of luck

Max Emory · Answer

Hey @Marc Shin, there's an endless number of apps for receipt capture. QuickBooks Online, expensify, dext, etc. You can also just snap a pic with your phone and upload to Google drive, dropbox, etc.

If you adopt software to keep up with your bookkeeping, most of those will have an app with receipt capture.

Aaron Zimmerman · Answer

It  depends on the scale of your portfolio but if you have a couple properties and they’re all straightforward, I think google drive is fine.

Alternatively, you could use quickbooks and attach receipts there.

David C. · Answer

If you have more than one property rehab going on at the same time, how does irs/lender/investor know which expense goes with what property? ... Bank statement and credit cards don't separate out property.  Seems like a great way for rehaber to make the financials look any way they want.

Hussain Harun · Answer

I personally don't like the receipt scanning apps because I think they are overkill and they only account for half the record keeping you need to do. The other half of the accounting records is coming from online purchases, utility payments, etc etc where they are sending you an email. My solution for this is the create a dedicated email address to send your REI recording keeping to! So I snap pictures of paper receipts in the store and send it to that dedicated email. I also have my online purchases automatically forward to that email!There a few other advantages of this email method. I actually made a whole video about this over on my YouTube channel Tech Savvy Landlord :)

Best way to save receipts for REI?

Most Popular Reply