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Any tips for better record keeping?

Discussion in 'Accounting, Tax & Legal' started by OneStopTax, 22nd Apr, 2013.

  1. OneStopTax

    OneStopTax New Member

    27th Nov, 2012
    Here are our three great tips for individuals to be organized for Tax Time:

    1) Stay away from cash spending for work-related expenses. Use your debit and credit cards instead.

    2) Open your bank accounts with the Commonwealth bank. Why? Because, unlike many other large banks, you can export your transitions history, into an excel file for example, FOR UP TO 24 MONTHS. After this, sorting, separating and adding up all work-related expenses will become an easy job.

    If for any reason, you don’t like to go with Commonwealth bank, just create a reminder for yourself on your smartphone, to export your transactions history every 3, 4 or 6 months, depending on which bank you have account with.

    3) Using your smartphone, take a picture from your receipts and upload them into a secure cloud space (such Google drive, Dropbox , Cubby or even Facebook and Google Plus). Then, keep them there for at least 5 years.

    What are your tips?