Organizing expense receipts

[raj1008]

Just wanted to know the best way people file their expense receipts.

These are too small to file and are generally printed on thermal paper. How do you organize them expense-wise and store them properly?

[Siefer999]

half height accordian folder

organized by type of expense

[grant]

Mine are put in hanging folders. After year end they end up in an envelope inside a filing box.

[raj1008]

@Grant- how do you separate them by expense, just clip them together?

[JonnyCash]

Neat Receipts is another option as well:

http://neatco.com/products/neatreceipts



What headings do you guys file your receipts under?

[grant]

@Grant- how do you separate them by expense, just clip them together?
So far i just keep it all together. I only have a few dozen per year. So my experience is probably not helpful :)

IMHO you should group them however seems logical to you... the whole point being, when you need to find a receipt, it should be obvious where to go.

[tweetie]

I use the cheap old envelope method for small receipts. Plain white manila envelopes grouped into categories. I then toss them into a big envelope with the tax returns in a storage box once the year is over.

[Just Confused]

I use 12 small manila envelopes; one for each month to contain the original receipts. I make the electronic bookeeping entries first and then put each slip in the envelope. At the end of the fiscal year I give all 12 of them to my accountant. When I get them back with my financials I store them in a bankers box for 6 more years. At the end of 6 years I dispose of the paper records and recycle the 12 envelopes.

[MoreMiles]

Can you not just scan and shred it? I thought CRA recognizes electronic copies.

[ghostryder]

Can you not just scan and shred it? I thought CRA recognizes electronic copies.


http://www.cra-arc.gc.ca/E/pub/tp/ic05-1/ic05-1-e.html#P94_11723

Electronic records management and imaging

23. When original source documents and records are in an electronic format, they must be kept in an electronically readable format even if they have been transferred to another medium such as microfilm.

24. To ensure the reliabililty, integrity and authenticity of electronic records, the pending national standard publication entitled Electronic Records as Documentary Evidence (CAN/CGSB-72.34 2005) will outline electronic record management policies, procedures, practices and documentation that will assist in establishing the legal validity of an electronic record.

25. Electronic image means the representation of a source document that can be used to generate an intelligible reproduction of that document, or the reproduction itself. In the case of paper source document an intelligible reproductions means that:

the reproduction is made with the intention of standing in place of the source document;
the interpretation of the reproduction, for the purposes for which it is being used, gives the same information as the source document; and
the limitations of the reproduction (e.g., resolution, tone, or hues) are well defined and do not obscure significant details.
26. Imaging and microfilm (including microfiche) reproductions of books of original entry and source documents have to be produced, controlled, and maintained according to the latest national standard of Canada, as outlined in the publication called Microfilm and Electronic Images as Documentary Evidence (CAN/CGSB-72.11-93).

The Standards mentioned above are available from:

Canadian General Standards Board

Mailing address:
Sales Centre
Canadian General Standards Board
Gatineau, QC
K1A 1G6

Street address:
Place du Portage Phase 3, 6B1
11 Laurier Street
Gatineau, Quebec

Telephone number:
Ottawa Area (819) 956-0425 or
Toll free from the rest of Canada: 1-800-665-2472

Fax number:
(819) 956-5644

E-mail:
ncr.cgsb-ongc@pwgsc.gc.ca

27. An acceptable imaging program as explained in the Canadian General Standards publications mentioned in paragraph 26 requires that:

(a) a person in authority within the organization has confirmed in writing that the program will be part of the usual and ordinary activity of the organization's business;

(b) systems and procedures are established and documented;

(c) a logbook is kept showing:

the date of the imaging;
the signatures of the persons authorizing and performing the imaging;
a description of the records imaged; and
whether source documents are destroyed or disposed of after imaging, and the date a source document was destroyed or disposed of;
(d) the imaging software maintains an index to permit the immediate location of any record, and the software inscribes the imaging date and the name of the person who does the imaging;

(e) the images are of commercial quality and are legible and readable when displayed on a computer screen or reproduced on paper;

(f) a system of inspection and quality control is established to ensure that c), d), and e) above are maintained; and

(g) after reasonable notification, equipment in good working order is available to view, or where feasible, to reproduce a hard copy of the image.

28. Paper source documents that have been imaged in according to the latest national standard (see paragraph 26) may be disposed of and their images kept as permanent records.

29. The taxpayer is responsible for ensuring that imaging is done in an acceptable manner when the imaging has been done by a third party.

[MoreMiles]

http://www.cra-arc.gc.ca/E/pub/tp/ic05-1/ic05-1-e.html#P94_11723

Electronic records management and imaging



In a one word summary, it appears to be "yes" then.

[DGirl]

I use plastic sleeves that fit in a standard 3 ring binder.
Everything is handwritten on a ledger page and then tossed in the plastic sleeve following the page. If I'm in a hurry, the receipts pile up in a little oragami in-box on my desk and I process them all at the end of the week.

The sleeves are color coded and available at any office supply store. I don't have a problem finding anything, but don't have more than 50 receipts in any given month. I have 3 color coded binders on my shelf, one for each year I've been in business. Coordinated with that are 3 color coded folders holding my income taxes for those years and a daily expense calender in my filing cabinet. It's a system that works for me.

[raj1008]

In a one word summary, it appears to be "yes" then.

Apart from scanning them, how do you keep the images protected. I notice that some of my older receipts have vanished even if slightly not been stored properly

[Spidey]

I just geto some used envelopes and write on them expenses tupes (fuel, restaurant, etc) Then store them in a hanging folder in my filing cabinet.

If I get the energy at month end I go through and staple them together for that month.

Seems to work