Here’s a great little tip for you shoebox accounting types out there.
Problem: when you look at your bank statements, it’s hard to remember where your income comes from. For example, maybe you deposited $1500 on July the 3rd. If you have 9 cheques for $1500 in your FreshBooks account, how do you know which on is which?
Solution: when you deposit a cheque, don’t give it to a bank machine, give it to a bank teller and ask them to “add a credit memo” with your client’s name (“ABC Corp”) or an invoice number (“Inv #2122”) when they enter the deposit. This makes it really easy to look at your bank statement and know who/where the deposits came from, especially at the end of the year when it’s hard to remember the details of your deposits.