invoices, receipts

[jerzfabguy]

i own a small business and i average $125k per year in gross sales so im very low key etc... my question is this... i do maybe 100 invoices a year for customers and everyone is different as im a custom machine/welding shop. so, when i do a job that lets say has 5 different invoices from my vendors for materials i used to do that job do i need to staple those invoices to my copy of the invoices to have for my own tax records? if thats the case what happens if you buy materials for several jobs at one time? obviously you can just make copies and highlight which went with which job. am i reading too much into this? i mean at the end of the year, you add everything up and subtract so does it really make a difference now? thanks!

 

[mackwaa]

i own a small business and i average $125k per year in gross sales so im very low key etc... my question is this... i do maybe 100 invoices a year for customers and everyone is different as im a custom machine/welding shop. so, when i do a job that lets say has 5 different invoices from my vendors for materials i used to do that job do i need to staple those invoices to my copy of the invoices to have for my own tax records? if thats the case what happens if you buy materials for several jobs at one time? obviously you can just make copies and highlight which went with which job. am i reading too much into this? i mean at the end of the year, you add everything up and subtract so does it really make a difference now? thanks!

Hi Jerz

That's correct. Sounds like you're very organised!

It won't matter for the accountant or the tax dept. Although, by doing this, you're effectively reporting by contract or job, which means you can easily see if you are losing money on any given contract, which is good practice.

This is exactly how small businesses mature into larger ones...

Good luck for the future.

 

[jerzfabguy]

well, i definitely appreciate the response although... i must inform you i am far from organized!!! hence why i asked if i needed to seperate my schtuff like that. lol. i try to be organized but i have been told on numerous occasions by my lawyer that i am the oppositions best defense because i keep track of nothing! so, i am working to try and correct all that. i am lacking on numerous things but i figure if i take one step at a time ill be okay one day! i mean, itll be 2 years november 9th that i have been in business for myself so ive hopefully got a lot more years to figure it all out the hard way. thank you.