How do I organize receipts?
Most people save WAY too many receipts. There are receipts in the car, at the bottom of the purse, in coat pockets, stuffed in drawers, stacked on counters... Sound familiar?
There are three reasons to save receipts:
- Taxes
- Warranties
- Returns
Taxes
Ask your CPA or tax adviser for a list of items that should be kept. Create a tax folder with an envelope inside marked "receipts". Every time you have a receipt that needs to be kept for tax purposes, put it in the receipt envelope. When tax time comes around next year, all your receipts will be in one place.
Warranties
Always staple the sales receipt to the product manual. Note the date you mailed the warranty or registration card on the cover of the manual. Place the manual, receipt and any other information into a sheet protector and put into a notebook. Ideally, file the manuals alphabetically.
Returns
Create a folder called "Returns". For any item purchased that you are not sure if you are keeping, or for items being given as gifts, place the receipt in the "Returns" folder. Once you are certain the item is being kept, toss the receipt. Once a quarter, purge the file.
For internet orders, create an electronic file folder called "Internet Orders". When order confirmations are emailed to you, drag the file to the "Internet Orders" folder. Once the item is received and you know you'll be keeping it, "trash" the electronic order confirmation. If you have to return the item, you can print the order confirmation, note the date you returned the item for an exchange or credit, and file it in the "Returns" folder mentioned above.
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