The QuickBooks App Receipt Feature & How It Can Help Your Business
In February, QuickBooks improved their receipt function on their QuickBooks Online Mobile App. We want to share how this organizational tool can help your small business.
Recording all of your business receipts will help you keep track of your expenses for tax preparation as well as help you manage your cash flow and profitability. Keeping up with receipts periodically using the app makes tax time a breeze because all of your expenses are neatly categorized and recorded in QuickBooks. Plus, with this app, it’s done quickly and you can do it on the go!
Receipts itemize purchases for clients or general business expenses. A simple charge on your credit card statement will not fully explain what you bought and why. The captured and categorized receipt will inform your bookkeeper exactly what you purchased, and we will be able to follow up with any additional questions while it is fresh on your mind.
The Internal Revenue Service (IRS) requires business owners to retain documents that support the entries in your books and on your tax return. Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks (for more information on IRS supporting document requirements, click here. It is your responsibility to keep and organize the physical copies of these documents . By utilizing the receipt feature on the QuickBooks app, your Account Manager at Business by the Book will help you organize a digital version of your supporting documents.
How to use the Receipt Feature on the QuickBooks App to Capture a Paper Receipt:
Download the QuickBooks Online Mobile app on your Apple or Android device.
Next, tap the Menu button and select “Receipt snap”. Take a quick photo of your receipt. Select “Use Receipt” and then “Done”. The receipt will download to your QuickBooks Online account. Once the receipt is in QuickBooks, it appears in the Receipts tab (located under Banking). From here you can select the row to have a side-by-side view of the receipt you sent and the data we extracted. You can also:
Select Review to edit the extracted information for the receipt. If there are multiple matches, selecting Review will allow you to choose the match you want.
Select Add if you want to create a new expense in QuickBooks with the receipt attached.
The receipt will match the expense as it crosses your bank or credit card statement.
How to use the Receipt Feature by Emailing Receipts to Quickbooks:
Download the QuickBooks Online Mobile app on your Apple or Android device.
Register your email so you can email a receipt directly to QuickBooks. This is great since most of your purchases may be online.
Go to Banking or Transactions, then select Receipts.
Click “Register your email” to get started.
Enter the email address that you or someone in your company will be using to send receipts.
Start sending receipts to receipts@quickbooks.com.
Once they appear in Receipts, you or your Account Manager can select Review or Add.
As you can see, you can use your QuickBooks App to capture your business expenses on the go and save time. Then schedule time daily, weekly or monthly to review your receipts on your computer in just minutes. We hope you find this information helpful and that it saves you valuable time on the go. If you have any questions please reach out to your Account Manager.
Business by the Book is a professional bookkeeping firm, helping clients save time and money by providing excellent customer service, assisting with financial reporting and tracking profitability. If you need help with expense tracking and need the help of a professional bookkeeper, please contact us for more information.
