organiszation
Now that im investing in my investment (repairing and foreclosed house) im getting tons of receipts that i assume i should be saving for tax benefits. How does the rest of the world do this? Giant shoe box of receipts, I did see an app for i phone that scans and converts to pdf file. Any suggestions appreciated
I have a spreadsheet for each property to record the actual expense amounts and just keep paper receipts in a folder. I have an envelope for the small receipts. One folder per property per year.
I keep or make electronic copies of any receipts for big ticket items, especially for warranties. I probably don't need to do that as I would have the paper, but it saves digging through the paper and provides a backup if the receipt is needed.
Jim.
James Petry Shoeboxed is a popular app. Dropbox works well too. I like to create a folder for each vendor. I'll then scan the receipt, title it by date (so it is organized in chronological order), and save it to the folder.
