Efficiently Organizing Receipts from Past Shows | Tips & Tricks

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Discussion Overview

The thread explores various methods participants use to organize and retain receipts from past shows, along with the duration for which they keep these documents. Participants share their personal experiences and practices regarding receipt management.

Discussion Character

  • Anecdotal
  • Opinion-based

Main Points Raised

  • One participant, identifying as a consultant, keeps receipts for each show in a folder labeled with the host's name.
  • Another participant mentions retaining business receipts for three years, citing IRS guidelines.
  • One user notes they keep receipts for about 30 days before shredding them.
  • Another participant shares that they keep all receipts for expenses for over four years, planning to keep them for five years before discarding.
  • One participant discusses the organization of guest order forms, stating they keep them until the orders are received and then shred them.
  • Another participant expresses a need for a solution to manage increasing receipt piles as their business grows.
  • Several users mention the practice of keeping digital copies of receipts, with one emphasizing the importance of regular backups.

Areas of Agreement / Disagreement

Views differ on the duration for which receipts should be kept, with some participants suggesting varying timeframes based on personal experience and regional guidelines.

Contextual Notes

Participants share experiences based on their individual practices and local regulations, with some referencing differences between the U.S. and Canada.

Who May Find This Useful

Consultants looking for insights on organizing and managing receipts may find the shared experiences relevant.

S
stefani2
Messages
1,681
I am curious how people organize their receipts from past shows?

How long do you keep the receipts for before shredding them?
 
I keep the receipts for each show in a folder with the host's name on the label tab. I just started in Sept, so I don't have that many...yet...
I'd love to hear how everyone else does there's to see if there's an better/easier way :)
 
I keep business receipts for 3 years. That's how long the IRS will go back to audit you. (if that hasn't changed)
 
Oh, wait. . . you're from Canada. Do you have an IRS? Probably something like it. You should probably google information on how long to keep them for Canada.
 
I keep them about 30 days then shred them.
 
  • Thread starter
  • #6
jrodeo said:
Oh, wait. . . you're from Canada. Do you have an IRS? Probably something like it. You should probably google information on how long to keep them for Canada.
Click to expand...

Ya - I think we have to keep them for seven years ?????
 
Are you talking about guests' receipts or about your receipts for different expenses? I keep all my receipts for expenses since I started 4+ years ago. Figure I'll keep them 5 or so years and then chuck them. If Canada Revenue comes after that I'll say 'oops, didn't know LOL'

As for guest's order forms...I enter them, keep them until they receive their order and then shred them. I have everything in PP and backed up if I need to get them a new receipt. For the first year of my business I filed the o/o forms by month and I had 3/4 of a filing cabinet drawer after one year and thought 'this is nuts!'. So I started shredding and have ever since.
 
  • Thread starter
  • #8
I was talking about the Guest Receipts, Jodi. But I am still the same way - I am keeping most of the Consultant Copy of the receipt - I guess just because I have it- but as I get busier with my business, the receipt piles is drastically getting bigger! I need a solution - or just need to be re-acquainted with my Paper Shredder.....
 
stefani2 said:
I am curious how people organize their receipts from past shows?

How long do you keep the receipts for before shredding them?
Click to expand...

I was just coming to ask a similar question, so I will tag it on here. Do you print an extra copy of the P3 receipts for your own records, or do you just keep it "in the computer"?
 
  • Thread starter
  • #10
turtle15 said:
I was just coming to ask a similar question, so I will tag it on here. Do you print an extra copy of the P3 receipts for your own records, or do you just keep it "in the computer"?
Click to expand...

I think most are just keeping them in their computer program - but YOU NEED TO DO REGULAR BACK-UPS then.
 
stefani2 said:
I think most are just keeping them in their computer program - but YOU NEED TO DO REGULAR BACK-UPS then.
Click to expand...

I do! Thanks!
 

Frequently Asked Questions

What is the best way to categorize receipts from past shows?

To efficiently organize receipts, categorize them by show date, product type, or customer name. This will make it easier to locate specific receipts later. Consider using folders or digital files for each category to keep everything organized.

Should I keep physical copies of receipts or go digital?

While it's essential to keep records for tax purposes, going digital can save space and make organization easier. Consider scanning physical receipts and storing them in a cloud service or dedicated software for easy access and backup.

How long should I keep receipts from past shows?

It's generally recommended to keep receipts for at least three to seven years, depending on your local tax laws. Check with a tax professional to ensure compliance with regulations in your area.

What tools can help me organize my receipts more efficiently?

There are several tools available, such as receipt scanning apps (like Expensify or Shoeboxed), accounting software (like QuickBooks), or even simple spreadsheet programs. Choose the one that best fits your needs and workflow.

How can I streamline the process of organizing receipts after each show?

To streamline the process, set aside time immediately after each show to sort and organize receipts. Create a routine where you categorize and file receipts regularly, rather than letting them pile up. This will save you time and stress in the long run.

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