How do you handle Quickbooks and filing receipts

[Dan]

So lets say you got to a store and pick up a few items for business (lets use walmart as the example):

New shop vac

Motor oil and filter

Pens and pencils

How would you categorize this for QB? Would you break it all down, file it under a generic category like "Supplies" or do something different?

And lets not forget you know have that stinkin receipt to deal with so what would you do with that? File it? Where? Scan it into computer as pdf?


Just looking for ideas here to review the way I currently do things and make them better and as simple to process as possible

 

[hogjowl]

So lets say you got to a store and pick up a few items for business (lets use walmart as the example):

New shop vac

Motor oil and filter

Pens and pencils

How would you categorize this for QB? Would you break it all down, file it under a generic category like "Supplies" or do something different?

And lets not forget you know have that stinkin receipt to deal with so what would you do with that? File it? Where? Scan it into computer as pdf?


Just looking for ideas here to review the way I currently do things and make them better and as simple to process as possible

I break all expenses like that up into various different categories. In the example you gave the categories would be tools and equipment, equipment repair, and office supplies. The receipt would be filed in the "W" file for the year in question.

 

[Desk Jockey]

For us I would code
Small Equipment Purchases
Shop supplies
Office Supplies

No I don't break it down that small, if the majority of the receipt is one category I code it to that. Pigpen must have too much time on his hands, I'm too busy for that nonsense!

 

[hogjowl]

I am a numbers guy, and I want my ratios to reflect my actual expenses as accurately as possible.

English as a second language people just don't understand the Anglo-Saxon mindset.

 

[Desk Jockey]

Ok numbers guy, use your mindset and try to guess how many fingers I'm holding up to you right now!

 

[Dan]

So where did you guys file that receipt? Could go in possibly 3 folders, trash can, or maybe your crazy enough to make a copy and put it in each folder? or?

 

[Desk Jockey]

Dan I just put them all in one file that says receipts.

Last time I was audited she looked through them and frustrated with the pile and told me if she could find half of them she was good for crediting me the rest. Which she did. She camped out here for two weeks and found I owed and additional $3,500.00. She also found $3,200.00 in deductions I didn't take. Two weeks she was here for $300.00 LOL

Pigshhit is crazy I count dollars and don't worry about the pennies!

 

[Shorty]

So lets say you got to a store and pick up a few items for business (lets use walmart as the example):

New shop vac

Motor oil and filter

Pens and pencils

How would you categorize this for QB?

This is with the down under Quicken set up for the Oz Tax Office.

You would open the tab "Bills"

This will open another box where you put in Wallmart & the date

You then enter the account & price against each item, ie;

New shop vac would go under Purchase/expense Non Capital Gain, (small puchase).



Motor oil and filter would be split and go under "Motor vehicles", then a sub section, Fuel & Oils for the oil, then, Parts for the filter.


Pens and pencils would go under "Office Supplies"


These would all be entered on that one bill.

When you get your bank statement, click each one off against the statement and what is in Quicken, then you can easily reconcile you bank statement.

 

[Hoody]

I had a dream last night that I was yelling at my book keeper for filing receipts wrong and not entering them into quickbooks properly. When I woke up at 6 this morning, I was sitting up in my bed with this thread opened with my laptop on my lap, I didn't budge for 7 hours. Holy crap I need a life!

 

[Desk Jockey]

Blame Pigpen that dude is sooo anal! LOL

 

[hogjowl]

Look numb nuts, you file the receipt in the freaking "W" folder that you keep in your filing cabinet, in the drawer maked with a nice red 2012 on the front of it. You keep a yearly file of all receipts and paid bills. If the name of the company starts with an "A", then you put it in the "A" folder. If that company with a name starting with an "A" is a company that you will have a ton of receipts from, like Alabama Power, or Alabama Gas, and you think you may want to track their receipts without having to wade through 30 minutes of looking to find last months bill, then you make them their own manilla folder with their name on it and file it right behind the "A" folder in alphabetical order.

If I need to draw you a picture, then disregard all of this and just throw everything in one big box like the Reeko does.

 

[Desk Jockey]

Duude, at a glance I can pull up a vendor and see they check number, the invoice number and the amount spent. Plus if I put a note in the memo then I even know what it wazzz for.

 

[hogjowl]

Well, of course, I can do that too, but I also have a system for filing the hard copies of receipts. When your computer crashes, that hard copy may be just the ticket you need.

 

[Desk Jockey]

Yea, yea I have redundant systems for the crash. Backup to the server and backup to the cloud.

Seriously you do have a nice system and I think I will do the same with the W folder for the actual receipt but I'm still not splitting hairs with how they are coded.

 

[Dan]

I had a dream last night that I was yelling at my book keeper for filing receipts wrong and not entering them into quickbooks properly. When I woke up at 6 this morning, I was sitting up in my bed with this thread opened with my laptop on my lap, I didn't budge for 7 hours. Holy crap I need a life!

Now that's funny.

 

[Carpet Cavalier]

is the motor oil and filter for your machine or your van?
you need to distinguish that.

 

[Dan]

is the motor oil and filter for your machine or your van?
you need to distinguish that.

I made a scenario for sake of discussion but since you asked I will answer.....van

 

[Total Cleaning]

depreciate your equipment (assets) side of the balance sheet = paying less taxes when you file

 

[Doug Cox]

Under the scenario posed, I would file it under Supplies,Bus.