Hi all,
I’m fairly new to rehabbing and am rehabbing several houses at once. Does anyone have a good system for processing all those receipts from Home Depot, Lowes, etc? I keep meaning to enter them into QuickBooks, but never quite get there. They keep building up and I just have envelopes and folders full of ratty- looking that probably won’t even be readable by the time I get a chance to put them into QuickBooks
The answer is to use your software. But an alternative is to use one credit card or check card and than just use the monthly stmts you get from the card for record keeping until you have time to update your software.
If you have multiple properties going at one time. Then you use a different card for each one. Then when the deal is done enter the info on the software. I sign up for electronic stmts, so I can view everything online.
whether you have an assistant or staff of some kind or no one but your self, you must be organized. quickbooks is good but you can get by with a simple excel spreadsheet to track your expenses. using one credit card or account is good idea too. sometimes theres no shortcut for the busy work.
We use a credit card for buying all of our parts and supplies. Monthly statement get’s paid online. We also enter our receipts on a spreadsheet a couple of times a week. Once you get organized it really isn’t that hard to stay organized, just getting started is a pain in the butt sometimes! :beer
I pay someone $25 per hour to keep my QuickBooks current… it is worth every penny. It once took me 32 hours to catch up with this tedious task (at tax time) and I vowed never to do it again.
I staple the receipts onto blank paper that has been hole-punched to make it easy to file in a notebook. I also write the date at the top corner of the sheet. This makes it more manageable until I have time to do the data entry, it also makes it easier if I ever need to refer back to a receipt.
I place all the receipts in the appropriate file folder in the file cabinet. However, I don’t use the receipts to enter the expenses in Quickbooks.
I have a separate checkbook for each company. I buy everything with checks and I note on each check stub what it was for (as I write them). Then, I simply enter the data in Quickbooks using my checkbook.
Mike