![]() As soft copies in a file on your computer, Dropbox account, etc.As hard copies in files, baskets, boxes or envelopes.Where should I keep my receipts, and in what format? Then simply upload the files into QuickBooks for easier recording and saving. And make sure to get PDF receipts emailed to you. Like your paper? Keep a file in your car and make a weekly task to scan, save and upload receipts to QuickBooks.Or, better yet, save the receipt in your calendar invite for the meeting or travel-related expense. ![]() Save a picture of the receipt on your cell phone.At the end of the year, file your receipts with bank statements and other important financial information. You don’t need to keep them in any special order, you just need to keep them. I throw all of mine into a file or basket. Hold it, stuff it, file it…somewhere, anywhere.If you find you're having trouble making it part of your routine, here are some easy ideas to adopt that will help. It's difficult to get in to the habit of saving those receipts. Help yourself out by telling the story along the way on your receipts. Credit card statements and bank statements are only the last chapter of the story. ![]() ![]() “Impossible to track” means “Impossible to cover your tracks.” Keep the receipt. As you know, cash transactions can cause further scrutiny. Make a habit of writing the name or purpose of your expense while at the checkout line, in the restaurant, etc.Tips for saving receipts and documentationīy following these tips, your actions will stand up to an IRS audit and give you peace of mind. Plus that way you're prepared in case of an IRS audit. ![]() The IRS requires documentation that proves those transactions and amounts were tied to valid business expenses.īut who has time for that? You do, because it doesn’t take much time at all, and your bookkeeper can help. The truth is, your bookkeeper doesn’t necessarily need to see your receipts but the IRS does. I’m often asked, “Do I need to keep my receipts for you, my bookkeeper, or are my bank and credit card statements saved through my financial institution enough? If I’m audited, the auditors can surely verify expenses by simply reviewing my QuickBooks or viewing bank records, right?” ![]()
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