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Posted on April 24, 2017 @ 02:17:00 PM by Paul Meagher
I am a fan of April Wilkerson's Do-It-Yourself YouTube Channel. She has developed lots of great video content and her channel continues to evolve. Recently, April and her husband sold their house so she does not have a shop to work from. Her husband agreed to share his shop space with her and this video shows them getting the shop organized for their upcoming DIY videos.
This video motivated me to get myself organized to get my taxes done. I am not the best example of how you should manage your taxes as I leave it to the last minute and throw all my receipts into piles that have to be sorted out later. If you find yourself in a similar situation, maybe you will find my method of getting receipts organized useful.
Below is a photo of my office computer and chair. In the middle, is a pile of receipts. The receipt piles come from different times of the year. I have 12 open folders positioned around my office chair, one for each month of 2016. The first level of sorting for me is to simply move all the receipts into the month folders. I do try to keep automotive receipts, gas receipts, construction receipts, small tools, and office receipts somewhat separated inside each folder but don't try to organize them more than that as I'm doing my initial month sorting.
This setup allows me to keep working on my computer and listen to YouTube videos for entertainment as I sort my receipts. Organizing myself by month allows me to more easily compare my receipts against my bank and credit card statements which are also organized by month.
Once I have my receipts organized by month along with printed monthly bank and visa statements, I then go through each folder month by month and assign receipts to expense categories I've developed for my sole proprietorship businesses. When I finish going through all the months I can then tally the totals in all my expense categories for 2016. The rest of my taxes are relatively easy to do once my expense totals for different expense categories are calculated.
I use an accountant to help me with my corporate taxes which are mostly all digital transactions so the organizational process is much different. I do try to improve my book-keeping system a bit every year. Last year I setup separate banking/credit card accounts for each separate business (3 of them) and my personal account. I can do alot more of my accounting work digitally this year so am less reliant on sifting through paper receipts; however, it can still be difficult to reconstruct what you did last year from a simple bank transaction - you often need the paper receipt to figure out what you purchased.
Someone more organized than me would be updating their expense categories on an ongoing or monthly basis. I hoped to do that last year, but it never happened and I'm not doing so hot again this year. I may have to repeat this process again to get caught up for 2017 so I have a better sense of what my expenses are. I know that monthly tracking of expenses is the next improvement I have to make to my accounting system so I have better real-time information about the state of my separate lines of business.
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