How Do You Scan, Manage and Organize Your Reciepts & Paperwork?

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How Do You Scan, Manage and Organize Your Reciepts & Paperwork?

Joshua D.Pro Member
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes

Just curious as to the tools and organization system different people are using to manage their receipts and paperwork. Admittedly, I'm still using old-school methods of organizing actual paper instead of scanning, storing, then shredding the physical product.

A flatbed scanner seems like it would be cumbersome (I hate scanning with mine) to do any volume of scanning. What tools do you use?

As to the filing and organizing, how are you doing it?

Thanks!

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James Vermillion
Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
14y

Most people know my investing situation and know that my partner handles most of the day to day operations while I handle the bookkeeping, website and other “behind the scenes” activities. This takes extraordinary coordination and communication between the two of us and we have developed what I believe is a very effective system for dealing with organization and filing. A primary tool we both use is an IPhone scanning app that allows us to scan and email (PDFs) ov documents on the spot. This is especially important with receipts (he scans and emails them to me directly after purchases). Once I receive any documents via email I will print them out for our hardcopy filing system and put them in our electronic filing system which we share via dropbox. This allows both of us access to our official files at all times and provides us with a hardcopy backup.

For more time consuming tasks, I use a commercial-like printer that can scan and email a stack of papers at once. If needed, I can break these up into separate PDFs. I have a system of electronically naming all documents for easy searching. Once a week I review the electronic files and make sure I included everything necessary for that week.

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  • Kevin C.
    Investor · McKinney, TX · Member since 2009 · 405 posts · 160 votes
    14y

    I use a flatbed scanner and scan all receipts associated with a specific property to a pdf. Each properties receipts are scanned to a new pdf. All receipts are scanned in date order.
    Receipts are scanned at the end of each year.

    I scan any papers associated with my personal return as well.

    Once scanned, the paper receipts go away.

    I only have a couple rentals at the moment, so it really doesn't take too long to do.

    All pdfs and associated tax records are stored in a folder for that year.

    Makes it real easy to find a receipt or something associated with a property or tax return if needed.

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  • James Vermillion
    Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    14y

    Most people know my investing situation and know that my partner handles most of the day to day operations while I handle the bookkeeping, website and other “behind the scenes” activities. This takes extraordinary coordination and communication between the two of us and we have developed what I believe is a very effective system for dealing with organization and filing. A primary tool we both use is an IPhone scanning app that allows us to scan and email (PDFs) ov documents on the spot. This is especially important with receipts (he scans and emails them to me directly after purchases). Once I receive any documents via email I will print them out for our hardcopy filing system and put them in our electronic filing system which we share via dropbox. This allows both of us access to our official files at all times and provides us with a hardcopy backup.

    For more time consuming tasks, I use a commercial-like printer that can scan and email a stack of papers at once. If needed, I can break these up into separate PDFs. I have a system of electronically naming all documents for easy searching. Once a week I review the electronic files and make sure I included everything necessary for that week.

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  • Joshua D.Pro Member
    OP
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    14y

    Kevin C. and James Vermillion - Do you guys shred the physical copies or keep them somewhere for backup?

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  • James Vermillion
    Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    14y

    Joshua Dorkin I file mine for backup. I am sure eventually I will shred old files, but I will likely keep them for several years just in case.

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  • Kevin C.
    Investor · McKinney, TX · Member since 2009 · 405 posts · 160 votes
    14y

    @Joshua (how do you get the @ link) I've only been doing this for a few years, so I don't have too much paper yet. I've never had to refer back to paper, even though I do still have it. I have backups in multiple locations - in the cloud, in a fire safe, on my laptop, all secured of course.

    At some point the paper will go away, it has not become an issue yet, but when it does, it'll be gone.

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  • Joshua D.Pro Member
    OP
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    14y

    Kevin C. - Of course, keeping backups in multiple locations is key -- I'm curious if people are destroying their paper copies -- it sounds like that's not the case as of yet.

    To create an @mention, check this tutorial:
    @Mentions Come to BiggerPockets

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  • Kevin C.
    Investor · McKinney, TX · Member since 2009 · 405 posts · 160 votes
    14y

    Joshua Dorkin - thanks, got it!

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  • Bienes Raices
    Orlando, FL · Member since 2009 · 2k+ posts · 282 votes
    14y

    Do you guys scan the receipts just in case you get audited at some point, or also to give to the accountant? I've been entering the receipt and expense data in an Excel spreadsheet for the account's use, but I don't know if I'm doing extra work for no reason.

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  • Bienes Raices
    Orlando, FL · Member since 2009 · 2k+ posts · 282 votes
    14y
    Originally posted by Joshua Dorkin:
    Kevin C. - Of course, keeping backups in multiple locations is key -- I'm curious if people are destroying their paper copies -- it sounds like that's not the case as of yet.

    To create an @mention, check this tutorial:
    @Mentions Come to BiggerPockets

    Josh, I've been storing the tenant applications and credit reports on the computer and backing them up to CrashPlan. But before I scan them I redact the SS#s and birthdates in case the if the data (or the PC) ever falls into the wrong hands. Although now I'm not sure if I'm allowed to back up the credit reports--I think the FCRA says you're only supposed to keep physical copies, kept in a locked room and cabinet.

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  • Michael Seeker
    Investor · Louisville, KY · Member since 2011 · 1k+ posts · 1k+ votes
    14y
    Originally posted by James Vermillion:
    A primary tool we both use is an IPhone scanning app that allows us to scan and email (PDFs) ov documents on the spot. This is especially important with receipts (he scans and emails them to me directly after purchases). Once I receive any documents via email I will print them out for our hardcopy filing system and put them in our electronic filing system which we share via dropbox.

    Hey James Vermillion, I just downloaded DropBox on both of my computers and my iPhone and I love it after about 10 minutes!

    What is the app you use for the iPhone to scan? I snagged a free scanning app a while ago, but the quality wasn't good enough to actually use. Thoughts?

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  • James Vermillion
    Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
    14y

    Michael Siekerka, isn't dropbox great? I use CamScanner and it works really well. The app allows me to adjust the picture to make it look like is was actually scanned with a scanner. I have never had a problem getting the documents to be clear and the ease of use makes it a great app.

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  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    14y

    I just learned of a scanner that you can buy at office supply stores that is specifically for receipts. You scan them in and it saves them all in one file for you (or multiple files if you choose) but I can not remember the name of it. I will check and get back to this thread on it. Seems like a great idea and I understand your young kids can even perform the task.

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  • Kevin N.
    Investor · raleigh, NC · Member since 2010 · 45 posts · 18 votes
    14y

    In case you want to store copies of receipts, other than your own computers, shoedbox.com is a free place.
    Kevin

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  • Account Closed
    Investor · Plano, TX · Member since 2011 · 84 posts · 45 votes
    14y

    I've been scanning all my receipts and have been storing them in Google docs (free storage up to 1GB). Since I started using Buildium I've been storing the scanned receipts as part of each recorded bill or expense entry.

    As far as keeping originals, I haven't been keeping them. Does any one know if it's required to keep the original receipts or would a digital copy suffice in case of an audit?

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  • Josh Sterling
    Property Manager · Wyandotte, MI · Member since 2011 · 123 posts · 26 votes
    14y

    Will B. I think you are talking about neat reciept. I'm thinking about trying it out, wodering if anyone here has any experience with it?

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  • Brendan Carroll
    Ottawa, ON · Member since 2012 · 6 posts · 2 votes
    14y

    JotNot Pro for iDevices is excellent for quick receipts on the road. And the old all in one scanner at home with a hopper is good for the large documents. I have been using Evernote to keep it organized on the Cloud.

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  • Kenneth LaVoie
    Rental Property Investor · Winslow, ME · Member since 2008 · 826 posts · 281 votes
    14y

    I've heard neat receipts is a little lighter duty, whereas fujitsu snapscan is the 800 lb gorilla. I'm planning on going 100% paperless in 2013 but just easing into it now. One thing I do is urge all my vendors to e bill me vs. mail, which helps cut down. I'm a web designer as well so I have ascript that incrementally and constantly backs up my docs to my own server off site (I am my own dropBox)

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  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 703 votes
    14y

    Transition to digital is hard, even for those of us who grew up through the revolution. I'm a firm believer that original hard copies should be kept for a minimum of 3 years for IRS purposes. The procedure that I followed at RIT seemed cumbersome while working there, however, I've been adopting their format.

    Namely, At the end of the week all receipts are logged into a spreadsheet with Date, Vendor, Amount, Description, category. The hard copies are then glued to a 8.5 x 11 if they are not already that size. The long receipts are cut to fit. Those are the submitted to the financing department, or for us small business folk, their filed. Going the extra step means digitizing them and naming them / filing them so they will be searchable.

    I will ultimately go this route, though due to time constraints I'm still currently skipping the digitizing. This year alone I have had to dig out a few receipts from the file cabinet. As your file cabinet grows, you'll only wish it was digitized that much sooner. Keystrokes are quicker than fuddling through folders.

    Best,
    Mark

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  • Brendan Carroll
    Ottawa, ON · Member since 2012 · 6 posts · 2 votes
    14y

    Another interesting tidbit about JotNot Pro for iPhone/iPad, it has direct upload support for a number of cloud storage solutions. It currently supports MobileMe iDisk, WebDAV (never heard of this one before), Google Docs, Dropbox, Box, and Evernote. Hopefully they will add native Sugar Sync support soon, as SS is my preferred cloud storage service.

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  • Steve K
    Investor · Orlando, FL · Member since 2012 · 431 posts · 106 votes
    14y

    Use a combination of the turbo scan app for iPhone as well as the Fujitsu scan snap scanner. Once scanned everything is loaded to Dropbox and sharepoint.

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  • Jon Holdman
    Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    14y

    A standard, though not widely adopted, interface for a document system. I hadn't ran across JotNot Pro, but my day job provides a WebDAV server and bans use of any public clouds, so this may be worth a shot.

    I have a HP all in one and just started using the scanner function. Can't claim I have any system for organizing stuff on the computer, but this was sure handy in dealing with taxes this year.

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  • Josh Sterling
    Property Manager · Wyandotte, MI · Member since 2011 · 123 posts · 26 votes
    14y

    Which model fijitsu scansnap are you using?

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  • Steve K
    Investor · Orlando, FL · Member since 2012 · 431 posts · 106 votes
    14y

    The small scansnap, the s1300 I think. It's an excellent machine for $200 ish

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  • Shannon M.
    Involved In Real Estate · Columbus , OH · Member since 2010 · 68 posts · 23 votes
    14y

    Another vote for Fujitsu ScanSnap. I use the S1500 and highly recommend it. The ScanSnap come with PDF software. Just plain easy to use. I then use SugarSync as a backup.

    Respectfully,

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  • Justin S.
    Residential Real Estate Agent · Chandler, AZ · Member since 2009 · 1k+ posts · 928 votes
    14y

    A guy at the summit recommended shoeboxed.com. I have not tried it yet but looks easy. I forgot the persons name who recommended it.

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