Landlording is a business, so organizing receipts for landlords becomes important. Businesses need to keep records of their activities, including receipts for purchases made. Receipts come in handy if you want to return an item. They especially come in handy if landlords are audited, as receipts show proof of purchase including prices paid. So what is the best way to organize receipts?
The best way of organizing receipts for landlords is the one which is easy and accessible. For example, you can keep receipts in a shoebox, file them in a three-ring binder, or take photos of them and store them in an online folder. Another tip is to organize them by date. If you file receipts away as you make purchases, they will automatically be organized by date making them easier and faster to retrieve. Landlords who track income and expenses using software like RentalIncomeExpense.com can get into a groove of recording the purchase in the software and then immediately filing away the receipt. The software will track the date of activity. When you need to pull a receipt, you just need to find it by date. Organize receipts by date, and you’ll spend little time on the hunt! Recordkeeping and organization make life easier!