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Subject Author Date
Keeping track of small business expenses cr113 02-12-2007
Posted by cr113 on February 12, 2007, 12:23 am
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 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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Posted by Benjamin Yazersky CPA on February 13, 2007, 1:49 am
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> 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?

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.

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Victor Roberts on February 13, 2007, 1:49 am
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> 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?

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.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by cr113 on February 13, 2007, 5:22 pm
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> 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 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!

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Victor Roberts on February 13, 2007, 11:07 pm
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>> 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 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.

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.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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