The receipts function in Quickbooks Online is easily one of the biggest selling points for using the software. Snap a picture of your receipt using the Quickbooks app as you walk out of the restaurant/gas station/office supply store. Then throw your receipt right in the trash.
When you log in to your Quickbooks account, Quickbooks will pull information from the receipt automatically. If there is a transaction that matches the date/amount of the receipt, Quickbooks will match them up and attach the receipt to the transaction. If there isn’t a record of the transaction yet, you can create one using the receipt and Quickbooks will match it when the transaction comes through on your bank feed.
This is the best way to make your books audit-proof. If an auditor asks for any information on a transaction, you can export the receipt that’s attached to it and send it to them. I also like making the habit of putting notes in the description of each transaction. If it’s a meal, I put who I dined with and what business matters were discussed. This is an IRS requirement for meals in case you haven’t heard.
Technology is a beautiful thing and can make your life as a business owner a lot easier. I highly recommend using Quickbooks Online for your accounting needs for this function and all of its other tech-savvy features. For questions on how to get set up or for a wholesale discount on Quickbooks Online, contact me. It’s kinda my thing.