How to Save Receipts

It is important to keep all of your receipts organized.

If you are in business, whether you work for someone else, have your own business or do freelance work, you will want to give yourself every advantage when it comes to reducing your expenses. You may also want to keep receipts so that you can return an item. For these reasons, it is very important to keep receipts, since you can use them to receive reimbursement from the person you work for, as tax deductible expenses or as a refund. However, just as important as holding on to these receipts is keeping them well organized. Otherwise, you may have trouble using them.

Instructions

1. Hold on to all receipts, since you should not try to decide on the spot whether an expense is one you can get reimbursed for.

2. Keep all of your receipts in separate folders. You should keep the ones related directly to your business or work separate from your personal ones. For example, gas receipts from gas you used on the job should be separate from the receipt for your new TV.

3. Keep all of the receipts in chronological order within each folder. If there is any ambiguity, or you want to add clarification about what the expense was for, do not write directly on the receipt. Instead use a paper clip to attach a note to the receipt.

References

• MainStreet: How to Organize the Receipts You Need to Save