It is important to keep supporting documentation on the use of a company’s funds, whether funds are spent via cash, company check, wire, ACH or company credit card. Many businesses use a company credit card for making purchases because of the ease of making payment. Recording the purchase activity on credit cards can be automated by connecting the bank feed to QuickBooks Online, so that you don’t have to enter it all manually on the books.
However, the ease and automation of using company credit cards do not excuse the need for supporting documentation. Credit card expenditures should have a receipt attached, showing the itemized details of the purchase. Sometimes this can feel like a royal pain because it slows down the workflow.
One great way of managing receipts is by using QuickBooks Online’s newly released Receipt Capture feature:
Make purchase
Get receipt
Snap pic
Send to QuickBooks
You’ll find it by logging in to QuickBooks Online and navigating to the Banking screen and Receipts tab. First, click the blue “Manage senders” hyperlink to turn on and off Users that you want to allow to send receipts.
The next time you make a purchase, snap a pic of your receipt and share it via email. Send the email to receipts@quickbooks.com from a registered sender’s email address. Easy!
You can use this feature for funds spent or received using your bank or credit card accounts. Here we’ve highlighted the workflow of company credit cardholders who are also QuickBooks Online users. For businesses with company credit cardholders who do not have access to QuickBooks, use Expensify. You’ll hear more from us about Expensify in the near future. It’s one of our all-time favs.
Reduce your accounting workload so you have more time for everything else. Schedule a 15-minute call with us.
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