Do I need to keep every receipt?
Short answer
You don't need to keep every receipt, but keep receipts for business purchases of $75 or more and write the business reason on them, because a bank statement shows where you spent money, not what you bought or why.
Otavio Mayole, Co-founder, DeCypher FinancialsUpdated
An Amazon charge on your statement could be a camera, a prop or dog food. A receipt with a note settles it.
How our clients handle it:
- Paper receipts: Write the business reason on the receipt, like "lunch with editor, planning Q1 series," then snap it in the QuickBooks mobile app.
- Email receipts: Forward them, don't reply, to your QuickBooks receipt address. Flights, hotels, software and online orders all go here.
- Under $75: Your card or bank record usually covers it, as long as the business purpose is clear.
- Car: Track business miles with a mileage app as you drive. Rebuilding a mileage log at year-end rarely holds up.
- Brand deals that require a look: Keep the contract or brief. It's the best proof that wardrobe, makeup or props were for business.
We give you the tools, and our team matches receipts to transactions. Taking the photo is on you.