Best Big Box Store CC

[John Alosio]

Hello BP community,

I am seeking some advice when it comes to accounting of my DIY shopping habits.

Over the past few years I have been shopping at Home Depot with my personal credit card(2X cash back on all purchases). I have found Home depot to have the better (still basic) form of accounting for materials purchased.

However I've recently grown and need some advice on (proactively) segregating expenses between properties.

My main concern is finding a way to properly separate each purchase into a bucket via a spreadsheet. right now, nearing the end of the year, i see a huge list of purchases and i'm dreading picking them apart trying to allocate each item to a specific property / purpose. It's worse because i'm a owner occupant on one unit, so there's a ton of grey area.

I know that Lowes and home depot offer "pro" credit cards with built-in discounts.

Do these Big Box CCs offer a breakdown of end-of-year spending statement? 

Which has worked best for you? 

Which offers the most in the way of rewards?

Thanks in advance!

[Bob H.]

I don't think you can expect even a good system from one store to do what you need to organize all your expenses. I keep a database that records each income and expense transaction, organized by property and tax category. I go to the trouble of scanning each receipt (or using an email receipt in Home Depot's case, since the PDF is smaller). The receipt image is included with the transaction record. For each transaction, you need a date, description, source, amount, property, tax category and receipt. When you can, it's best to avoid purchasing items for more than one property on the same receipt. When you must, just make a note of the cost, including tax, for each property on that receipt and keep multiple transaction records for that receipt.

The key is to record things as you go rather than accumulate a daunting pile of receipts and faded memories to be sorted out later.

If you track expenses this way, you're free to pay for things in a variety of ways to take advantage of discounts or rewards.