Receipt Management

[KayMan]

I did run a search, couldn't find a relevant thread.

What do you guys do to manage the receipts you gather. I've only been doing this for a couple of months and I already have a filled folder of receipts. This is got to be better managed.

So looking for something like one of those binders that doctors use for patients but instead it would be more tailored for managing assets by time periods. So you can have a binder for each year. Then each month would have its own pocket?

Also, if we are supposed to keep receipts for 6 months, what happens if receipts fade out over time?

Can always scan, but I'm looking for a physical solution.

[TheFaQQer]

Every month has three poly pockets - one for me, one for the other employee, one for company expenses. Every month has an expenses sheet which details what is in there, and any that are missing the physical receipt.

They go in an A4 four-ring binder, with the most recent at the front. In front of those, there are two separate poly pockets - one for the current account bank statements, one for the savings account statements.

In front of those, are further poly pockets for copies of VAT receipt, copies of certificate of incorporation, invoices, HMRC notes, current contract, insurance policy and anything else that I find I might need during the course of the year.

Current folder goes in the desk drawer. Previous years folders go on the bookshelf. Trading records going back further than six years get scanned in the same order, zipped up and backed up onto NAS.

[Fred Bloggs]

I do as you suggest. One folder (lever arch file) per year, one (A4) pocket for each month.

[northernladuk]

I do as you suggest. One folder (lever arch file) per year, one (A4) pocket for each month.

+1. Exactly what I have.

[TheFaQQer]

Also, if we are supposed to keep receipts for 6 months, what happens if receipts fade out over time?

You need to keep records for more than six months. But ultimately, if the receipt has faded (as I found some of my old ones have when I started scanning them), then there isn't much you can do about it. If you have tried to retain the receipt, but failed, then you can't really be punished for the poor quality of the receipts.

[KayMan]

You need to keep records for more than six months. But ultimately, if the receipt has faded (as I found some of my old ones have when I started scanning them), then there isn't much you can do about it. If you have tried to retain the receipt, but failed, then you can't really be punished for the poor quality of the receipts.

Blunder - meant 6 years.

Thank you for both your answers, very insightful, will be following suit! Is there a specific brand of binders you would recommend?

[northernladuk]

Blunder - meant 6 years.

Thank you for both your answers, very insightful, will be following suit! Is there a specific brand of binders you would recommend?

You have got to be kidding right?

Once you have found out I would suggest Andrex quilted as part of your learning curve on how to wipe your own bum.

Plenty of reading on receipts here, although I can guarantee you won't find any binder advice...

https://www.google.co.uk/search?q=re...ntractoruk.com

And just in case the mods think I am not being helpful here is the answer to your question...

Which ever ones the clients have in the stationary cupboard....

[TheFaQQer]

Blunder - meant 6 years.

Thank you for both your answers, very insightful, will be following suit! Is there a specific brand of binders you would recommend?

If you are using poly pockets, then make sure you get one with four rings rather than just two. Whether they are still reasonably priced or not I don't know, but Viking Direct were pretty good (although you sign up to a lifetime of newsletters from them).

Edit: The ones that I use are discontinued, but here's the replacement they recommend: http://www.viking-direct.co.uk/catal...d=ND184911&pr= Buy 8 get 2 free, which should be good enough for a while. And NEctar points too.

[KayMan]

You have got to be kidding right?

Once you have found out I would suggest Andrex quilted as part of your learning curve on how to wipe your own bum.

Plenty of reading on receipts here, although I can guarantee you won't find any binder advice...

https://www.google.co.uk/search?q=re...ntractoruk.com

And just in case the mods think I am not being helpful here is the answer to your question...

Which ever ones the clients have in the stationary cupboard....

By that reasoning if someone asks for a recommendation on a car, would you say 'which ever one has wheels and doors'?

A Samsonite is not like any other brand of luggage, so some 'X' brand or model of binder might be superior in quality and/or meet the solution that TheFaQQer follows better...

[KayMan]

If you are using poly pockets, then make sure you get one with four rings rather than just two. Whether they are still reasonably priced or not I don't know, but Viking Direct were pretty good (although you sign up to a lifetime of newsletters from them).

Awesome, will check out. Thank you!