How Do You Keep Receipts?

On September 13th, 2012, posted in: Accounting, Security by 0 Comment

Most people know that they need to retain copies of their credit and debit card receipts to substantiate those expenses if they are ever audited. The problem is that those pesky little receipts seem to have a way of disappearing!

Here’s how I deal with this problem for myself and for our virtual accounting office clients. Have an envelope for credit card receipts and another one for debit card receipts. When statements are downloaded or arrive in the mail, match the receipts to the statement. Then scan the receipts and file the scanned copy with the statement. At The Accountant’s Office, this is what we do for our personal bill pay and Your Virtual Accounting Office clients.

Why go to the time and effort to scan the receipts? Because most debit and credit card receipts aren’t permanent documents. They will fade away to blank paper over time. This process is accelerated when the weather is hotter. Better safe than sorry!

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