Electronic Receipts Can Simplify Record Keeping

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Family child care providers must save receipts for their business.

But saving receipts is no fun. You can forget to ask for them. You can lose them. They can fade by the end of the year and now you can’t read what is on them!

There must be a better way.

Wouldn’t it be nice if you didn’t have to worry about any of this and could retrieve all of your receipts at the end of the year?

What if you could simply identify the stores where you purchased items for your business and go online (or return to the store) and get a copy of every receipt for the past year? You could then use these receipts to identify which items you bought for your business and deduct them on your tax return. And this receipt would protect you if you ever got audited.

At some stores this is now a reality.

I recently contacted some companies to find out their policy on generating receipts at the end of a year.

Lowes: If you enroll in their MyLowes program you can get an electronic receipt for any current purchase. You can also go online and get a record of all receipts for the past year from any Lowes store. If you use your own credit card, you can get a list of your receipts if you visit the individual store where you purchase the items.

This is the beginning of an article I’ve posted on childcareinfo.com. In the rest of the article I describe how other stores handle electronic receipts.

Childcareinfo.com is a community for family child care providers and parents that offers a wide variety of resources including recipes, a blog, and a newsletter.  It serves as a clearinghouse for many online resources (children’s activities, training opportunities, equipment, and more).

Childcareinfo.com was created by Minute Menu (now KidKare) to offer free assistance that will help the family child care community grow.

Tom Copeland – www.tomcopelandblog.com

Image credit: https://www.flickr.com/photos/jorgeq82/


Categories: Record Keeping, Record Keeping & Taxes

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