With business bookkeeping and basic tax tips for new and old entrepenuers

Tuesday, December 30, 2008

Is there something I should write on those receipts?

From: Business School 101

and Alamo Bookkeeping Associates

So now you know that you should keep your receipts. Because you may accumulate so many, you may want to write a note on them to remind you why you bought them. For instance, you went to the art supplies store to buy sign making supplies. Write on the receipt, "supplies for store sign", or "advertising materials". Or you bought food for a promotional event. Write down what the event was to jog your memory later.

I also recommend that you write down at least the month, year and the amount. Why? Because a lot of these receipts fade quickly. I don't know how many receipts I have looked at that have faded off, or the ink was very light. Or it is on that cheap fax paper that if you touch it, it smears and you have no idea what it says. Again to save yourself the headache a year later when you are reviewing your receipts for tax purposes, if some have faded, chances are the pen ink did not.

Amazing, isn't it? Computers and cash registers cost a fortune, yet the paper they use is so cheap it doesn't preserve the ink. I see a great opportunity for an inventor of ink that does not fade, no matter the paper type. Call me when you invent it.

Next: What other things should I be keeping track of?