Receipts and expenses
Receipt and expense checklist
A receipt is only useful when it shows what was bought, when, how much and why it belongs to the business. This checklist covers what to collect for receipt and expense support: the receipts above the firm's threshold, the categories that need extra detail, the records for a missing receipt, and the monthly review that keeps the pile from growing. Use it with the monthly bookkeeping checklist.
Who sends itSent by the bookkeeper to each client at the start of the month, or used by the client's office manager as a standing process before the monthly close.
0 of 21 ticked
01Before the receipts arrive
02Receipts by category
03When a receipt is missing
04Monthly review
What firms get wrong
- Asking for every receipt instead of the ones above the firm's threshold, which makes the client stop sending any.
- Accepting a receipt with no business purpose for a meal, trip or gift, which leaves the deduction unsupported.
- Treating a personal purchase on the business card as a business expense instead of a distribution or a repayment.
- Waiting until year end to collect the receipts, when the client can no longer remember what each purchase was.
- Marking a missing receipt as received instead of recording it as an estimate.
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Questions about this checklist
Does a client need a receipt for every purchase?
No. Ask for receipts above the firm's threshold, such as $75, and for categories where the statement does not show enough detail. Smaller purchases usually appear on the bank or card statement.
What if the client lost a receipt?
Ask for the statement line and a duplicate from the vendor first. If neither exists, accept a short written explanation and mark the amount as an estimate rather than a receipt.
What should a receipt show?
The vendor, date, amount, items purchased and payment method. For meals, travel and gifts, add the business purpose and the people present.
Can a client send a photo of a receipt?
Yes, if the photo is clear enough to read the vendor, date, amount and items. A PDF or forwarded email receipt is also fine.
How long should receipts be kept?
Keep receipts and the records they support for as long as the business keeps its tax records. The IRS generally requires records supporting a return to be kept for at least three years, and longer in some situations.
Sources
Checked November 3, 2026. Tax rules, forms and thresholds change; confirm them with the IRS or your tax software before relying on them.
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