Flipped a house, now what do I do with all my receipts??

[Glenn English]

I am about to close on my first flip. Yay! I am a newbie at this, and have recorded all of my expenses in a spreadsheet and I have receipts, bills, invoices, etc in a pile and now I'm wondering what the heck to do with all this paperwork?? I realize I need to get organized for tax purposes, but where do I start? maybe this is more of a question for my accountant, but just wanted to see what others have done as I'm sure there's a better systems than mine (which essentially is putting the transaction in a spreadsheet and then throwing the receipt in a pile).

please help!

-Glenn

[J Scott]

If you plan to do more projects, invest in Quickbooks and a good tax guy. The tax guy will be able to guide you through the process of organizing your receipts and tracking your expenses.

Tracking expenses for flips is easy (it's all COGS, so everything gets treated the same), but a good tax guy will save you much more than he costs through good tax planning and income management...especially as your income grows.