How do you keep your paper documents organized?

I have a large plastic folder for each IP. All docs are filed as they come in. I also update a spreadsheet monthly with income/expenses – it makes life a lot easier at tax time, especially for my accountant.

I have a large ring binder for each IP ($1.70 at Big W), then some coloured divders within that.

Back compartment is purchase documents
Next one is loan set-up documents.
next one is ongoing bank statements
next one is management agreement and management statements/correspondence and also the quantity surveyor's  tax depreciation schedule
next one is rates/insurance/valuer general statements etc
last one at the front is anything else, including of interest, eg a newspaper clipping about the area, etc

tax is fairly easy.  Because GST is not an issue with residential IP's, (Therefore no BAS crap every 3 months) then I give the accountant the management statement (end of financial year), the total interest for the year (also stated on that final June statement), the rates/ins I have paid myself and he already has the quantity survey.

As my accountant said, if it is in a ring binder, when you drop it you don't end up with 52 card pickup .

I also do a list of in/out at the end of the Fin Year to cut time for the accountatnt, but he is so quick I think it mainly makes me feel better.

Kikki K is fantastic for office organisation.

I scan each document and save onto a USB stick under the FY, then property address, then folders for bank statements, etc etc. I find this is what I refer too rather than the original. I enter the details onto my excel spreadsheet – I try to do this once a week.

I file them all into an expandable file for that FY, then store them in a storage box

We use lever arch file for each property similar to house call including depreciation report but excluding all other tax papers.

These are filed in a separate combined file as are related bank statements.

I employ a MYOB proficient book keeper for electronic records of property transactions. The electronic file is provided to my accountant at tax time.

Copies of correspondence with property managers, strata managers etc are all filed in a property specific folder on my hard drive. I also have a outlook folder for email communications for each property.

After tax returns are submitted I then bundle all papers into annual batches and store the annual tax papers in a large plastic storage crate in my shed. When the statute of limitations with respect to tax have expired I dispose of the papers.

One other comment I would make is stay on top of it. Nothing is more daunting than a pile of papers on the floor, desk, cupboard, filing cabinet etc.

After all it is a business and requires good business habits.

MrLasVegas,

Thanks for starting this thread as I am in the process of organising a better filing system and this has been very helpful.

Cheers,

Jacqui

When I buy a property I keep all paperwork in a folder (eg, contract, purchase details, lease agreement.

I put yearly paperwork (for tax purposes) in a folder (one for each property).

I also have a file for each property to keep electronic files.

I have an overall spreadsheet detailing costs etc. Also one of my financial position now (property values, loans etc), incomings and outgoings.

I also have a goal sheet with my projected position so I know where I'm going. .

Catalyst and Jamie,

Did u create your spreadsheets yourself or did your accountant provide them?

I’m hopeless creating excel spreadsheets so I was considering buying one off bantac accountants for $50?

It’s meant to make it easier come tax time and supposely reduce your accounting fees.

Thoughts?

Jacqui

Haha that’s very nice of you Jamie!

I look forward to seeing it. I should put the $50 towards a course in excel!

Thankyou Jamie!!!