Documentation system (receipts, documents)

3 Replies

I've been running a wholesaling business on the side for about a year now and have been very busy buying and selling.  That's the good news, the bad news that this is starting to expose my need for improved processes.  I'm trying to pick the collective brain of those of you that have experience and may have already put together a system for tracking these things.  I have some paper copies of documents, some electronic, I have some paper receipts, some electronic.

I'm trying to come up with a system to organize property documents and receipts.  Ideally the lowest price solution or free, would be ideal.

So right now I'm thinking that I need to buy a scanner, so I can scan all of my paper documents and receipts.  I already have folders for each property in Google Drive, but I'm duplicating my receipts so that they are in my receipts folders for tax time as well as the property folder.  I was really hoping for a streamlined system solution.  I'm also exploring options for attaching documents directly in Quickbooks Desktop Pro, but it is a pretty manual process and then I have the receipt in 3 places (receipt folder on Google drive, attached to Quickbooks transaction, and in the property folder).  This is all pretty tedious, there HAS to be a better way!

Thanks to any and all!

Save your files in the cloud. Some suggested folders would be:

*Bank Statements
*Credit Card Statements
*Invoices
*Receipts
*Closing Documents
*Check & Deposit Images
*Vendor Contracts
*W-9’s & 1099’s

@Andy Bauman

You may want to do some of the following to help you keep yourself more organized.

1) Create a separate bank account for business related functions. This way you can easily determine what is a business deduction and what is a personal deduction
2) Create a separate folder in your phone where you save business related receipts.
I.E. You buy some supplies from home depot or have a meal with a prospective client. Take a picture of the receipt and save it in the folder.
3) If you decide to work with a bookkeeper, create a cloud based storage system where you can save your monthly statements and receipts to share with him/her.

Good luck to being more organized!

@Basit Siddiqi

Thank you for your suggestions! I do already have an LLC with separate bank accounts; so I've got that box checked. I didn't even think about a different folder for the images, but that is a GREAT idea! I'm still trying to figure out how I can create a link to an item in Quickbooks Desktop Pro instead of the actual image so that I'm not replicating data. Then I can have the image stored and easily accessible in a cloud location but not have to bloat my QB file with actual images.