I paid for supper with my credit card and I need to expense it.!

Nobody likes walking around with loose receipts everywhere.  They get lost in pockets, stuck in the washing machine or thrown away.  Unfortunately, that's the cost of doing business friend!  Good receipt keeping can save you hundreds, maybe thousands AND gives you extra tax benefits.

"What do I need for a receipt when expensing if I paid for supper with my credit card and I need to expense it?"

If you pay with a credit card, you must also get the till receipt.  The credit card slip may not have taxes, tip amounts, amount of the bill etc. 

Stapling them together or getting the vendor to staple the till receipt to the credit card receipt at the restaurant or store leaves one less piece of loose paper you have to find and submit.

And: don't forget to write the purpose and even the people who you took out for supper!  Something like "Sales Meeting with Jane Doe", "Sales Meeting with Potential Client Carl Johnson", "Team Building Seminar: JD and CJ", "Travel Expense for trip to Montreal".

The more information you can provide, the better. 

One more thing:  if you don't submit proper receipts, you could also be missing out on hundred of dollars in tax credits!  Money is tight these days no sense wasting it!

If you have a question or topic you would like us to post, please feel free to email us at: admin@bridgecitybookkeeping.ca!

From Us at:

Bridge City Bookkeeping
www.bridgecitybookkeeping.ca

Year End Preparation

Many people have their year end as December 31.  This can be a crazy busy time for lots of business owners, bookkeepers and accountants.

If you do not do your own bookkeeping, you should choose a company that will work with your auditing firm and help you complete your year-end.  And remember!  It’s ok for you to ask questions!  It’s your business and you are responsible for the maintenance of your financial records. 

Tips to make year-end easier and stress free:

·         Don’t wait until the last minute to get everything together.  Monthly organizing can save you a lot of time and money.

·         Make copies of asset invoices and keep them in a binder.  Make tabs for each year so any new assets can be verified quickly.

·         Keep it simple!  Keep a copy of your general ledger, audited journal entries, financial statements and tax returns in a binder labelled with the fiscal year.