Keeping track of small business expenses

I'm looking for the easiest way to track expenses of my wife's small business. I really want to avoid paper. I don't want to have to keep a pile of receipts. I tried using her ATM card to buy a printer at Walmart and all the online statement says is Walmart, the date and the cost. I could have bought a couple cases of beer for all the IRS knows. I have a couple of questions. Are there places I can buy stuff with my ATM that will itemize? What about using a credit card? Will that itemize purchases? What about another bank? Any advice will be appreciated!

Chuck.

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Reply to
cr113
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You will need to create an accounting system, or you can purchase an accounting program. For my small business clients, I set them up in peachtree & set up a pseudo bank account for petty cash. By entering the data there, you create your accounting records necessary to prepare a tax return. ___________________________________

-----> real address on hobokeni or hobokenx

Reply to
Benjamin Yazersky CPA

I run a one-person C Corporation but am not a tax professional.

I certainly expect that the pros will tell you that you need to keep receipts. I do, but some of them are electronic (PDF files) so they don't take up file space. When the business buys something I keep the itemized receipt. Usually this is paper, but when I purchase something on-line I make a PDF copy of the on-line receipt. These are stored on the computer used to run this business. I make regular backups to safeguard this data. I have considered scanning all my paper receipts to PDF files, but the amount of paper is too small to matter. I'm rather surprised that walmart.com does not provide an itemized on-line receipt. Have you searched in your "account" page at walmart.com? You could always print the receipt and add the model number of the item purchased. I strongly recommend that you try to get itemized receipts for all purchases, even if you need to change vendors. I occasionally do not get an itemized receipt, but only for small amounts. For example, our local copy & ship center issues only a non-itemized register receipt when I have them copy something or I need to purchase a few office supplies. In those rare cases I add a list of the items purchased to the front or back of the cash register receipt.

-- Vic Roberts Replace xxx with vdr in e-mail address.

Reply to
Victor Roberts

I just walked in and purchased the printer. I don't have an account on walmart.com. I use Compass Bank and I was looking at their online statement. Maybe if I set up an account with someone like Office Depot and only order from them? I've been thinking about it and I may just keep receipts. She runs a tutoring center so the vast majority of her expenses are rent and teacher's pay which is easy to track. Also Compass Bank has the ability to download data into Quicken or Money. Since I have Money I'm going to try it and see how it works. Thanks for the info!

Reply to
cr113

Sorry, I thought your comment about checking online referred to Walmart. Most places that sell business equipment will provide an itemized receipt whether you buy the item in a brick and mortar store or online. I guess Walmart is the exception since they are mostly a retail outlet. If you are thinking about a place like Office Depot you may want to check Staples. They provide free next business day deliver for any order of $50 or more, at least where I live.

-- Vic Roberts Replace xxx with vdr in e-mail address.

Reply to
Victor Roberts

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