Simplify Tax Time with QuickBooks Smart Receipt Capture

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Simplify Tax Time with QuickBooks Smart Receipt Capture

For many small business owners, keeping track of business receipts is the bane of their existence. Since we are a cloud-based accounting firm and fully embrace technology and the convenience it offers, we’ll start by saying accounting software like QuickBooks Online can make the life of a small business owner so much easier, especially when it comes to organizing receipts for expense deductions. The software allows you to quickly and easily upload and store your receipts, and locate them later if needed. 

QuickBooks makes organizing your business receipts super simple

With all of the technological advancements, it seems as though physical receipts are bound to become obsolete. We can’t do away with them just yet, but that doesn’t mean we can’t take advantage of digital tools and services that save us time and keep us organized. If you’re still operating out of a shoebox or manually logging receipts in a spreadsheet, you might consider transitioning to accounting software like QuickBooks Online to help cut down on this time-consuming task.

If you’re already a QuickBooks Online user or have been thinking about joining the QuickBooks family, you’ll be happy to know that you can upload or email your receipts to your books quickly and easily. Once you’re all set up in QuickBooks Online with your bank account(s) connected, simply take a picture with your camera phone from the mobile app, upload it from your computer or Google Drive, or email your receipts. QuickBooks will grab the info, match it to a bank transaction, and categorize it for you. Information such as date, vendor, payment method, and the amount will be pulled right from your receipt. You’re also able to create custom rules to categorize expenses as they occur and run reports later to see your business spending trends. No more excel spreadsheets or scrambling to manually add up those deductions as the tax deadline approaches.

How to store receipts in QuickBooks Online
1.) If you’re a QuickBooks Online user, sign in to your account from your computer. From your QuickBooks Online Dashboard, in the Shortcuts section select ‘Add receipt’


QuickBooks Online screenshot

2.) Next, choose where you will grab the receipt from. In QuickBooks Online, you can upload it from your computer or Google Drive, or forward your receipts to a customized email just for your company. The first time you choose ‘Forward from email’, you will be taken to a window where you will choose your customized email address. It will look something like yourbusinessname@qbodocs.com. For more information on setting up the customized email address, check out this helpful step-by-step guide from QuickBooks. 

QuickBooks Online

3.) Once you upload your receipt from your computer or Google Drive, the receipt will show as ‘Processing’ while QuickBooks gathers the relevant information from the receipt.

QuickBooks Online

4.) After the information is extracted from the receipt, you will be able to review it and manually edit any details as necessary. Then, you can create an expense to tie the receipt to. If a matching transaction comes into QuickBooks, it will be marked as a match and tied to that expense.

QuickBooks Online

 

It’s super simple. Now your receipt is stored and organized so you can get back to doing what you do best for your business.

One handy feature is that you can actually attach receipts to your invoices, if necessary. For example, let’s say you invoice your client for a billable expense like materials needed to complete a project. You want to recover these costs, so you take a photo of the receipt or upload it from your computer and record that billable expense in your books. This billable expense can then be added to your invoice with the receipt attached. This makes it super easy to account for the expenses and stay organized at the same time. 

Using QuickBooks to capture your expenses will ensure that your receipts are all kept in one convenient location. Once they’re uploaded into your account, you can quickly and easily find them by utilizing the search bar. No more digging through your shoebox or file folders. 

Here are some other resources for keeping your receipts organized with QuickBooks: 

 

With an in-house QuickBooks ProAdvisor, our accounting firm can help you save time with tips like this and more. If you’re having a difficult time staying organized and need assistance with your bookkeeping, feel free to schedule a consultation with us. If you’re interested in getting started with receipt capture and would like some guidance or QuickBooks Online training, please reach out to our sister company Satterley Training & Consulting.

 

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