How to Organize & Store Daily Business Credit Card Slips
No matter what the nature of your business, accurately tracking your expenses is essential. Many business expenses are deductible for tax purposes, so carefully tracking your purchases can save you money at tax time. Knowing how much you are spending in each business category can also help you avoid unnecessary expenditures by identifying waste and redundancy. Putting all your business purchases on a credit card makes them easier to track, but it is still important to store properly each credit card receipt.
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Instructions
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Place each credit card receipt in a desktop sorter. The desktop sorter has a number of sections, making it easier to put each credit card receipt in the proper category. You can label each section of the desktop sorter with the appropriate expense category.
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Label a file folder with each expense category you expect to incur during the year. Dedicate a separate section of your file cabinet for those credit card receipts.
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Enter each credit card receipt into your expense tracking spreadsheet or accounting software package. Having the expenses recorded in electronic format will make them easier to track and total. After you enter each receipt, place the paper receipt on your desk, with each spending category in its own pile.
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Paper clip each category's receipts together and place them in the appropriate file folder. Continue to paper clip each day's receipts and file them in the appropriate folders. At the end of the month you can gather all of the receipts and paper clip or rubber band them together.
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