Organize That Shoebox – Part 1

Good bookkeeping records means having a good filing system. Without one you don’t have the other.

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Set-up a filing system that you can follow and use it. This is probably the first most important step to keeping good records. Simple file systems are easy to set up and maintain.

A simple filing system could be monthly folders and placing all receipts for the respective month in its folder. My favourite is folders for the various suppliers or categories. Categories such as office supplies, telephone, auto expense, advertising each having their own folder. This takes a little more work in filing the receipts but keeping related items together makes for better organization.

If you buy product or have a lot of purchases from one supplier then I like to keep all those bills together in one folder.

File your various tax forms together. Each government remittance such as GST, PST, payroll and income tax remittances should all have their separate folders.

Equipment purchases – I like to give each of these its own folder and I do not archive them while the piece is in use. Make a copy of the receipt for the equipment folder and keep the original with the other receipts. Also in this folder can be placed the manual and bits of extra wiring/stuff that comes with it.

Archiving – at the end of the year, or when the income tax return has been filed, all receipts properly filed in their respective folders can be filed away in storage boxes. Log and/or appointment books, deposit books and other notes should be included in the archiving .

You can find lots of great products at your local office supply store for setting up a system that works for you.

2 comments so far

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  2. Janet Barclay September 17, 2016 6:59 am

    I file by client and by supplier (A-F, G-M, etc. – not individual folders for each one) because it’s easier for me to find something when I need to see it again.

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