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Today's Tip comes from Cathi Aiello, owner of Allegro Accounting and web-bookkeeper.com.
Tip:
Today's receipts are printed on thermal paper. The ink on thermal paper evaporates in approximately 2 years. Since IRS audits happen in 3-4 years you will have a major problem if you present them with blank receipts. The solution is to copy the receipts or buy an IRS approved receipt scanner.
Cathi was our 'Tips From the Top' podcast guest yesterday and gave us many other very useful tips during the call. You can listen to all of them here:
Tip:
Today's receipts are printed on thermal paper. The ink on thermal paper evaporates in approximately 2 years. Since IRS audits happen in 3-4 years you will have a major problem if you present them with blank receipts. The solution is to copy the receipts or buy an IRS approved receipt scanner.
Cathi was our 'Tips From the Top' podcast guest yesterday and gave us many other very useful tips during the call. You can listen to all of them here:
This is an excellent tip. Most thermal paper receipts will remain legible for 5 years, assuming they are properly stored under normal filing conditions. However, exposure to sun light or heat can cause the black thermal image to fade.
ReplyDeleteAnother option is to have the retailer e-mail the receipt. NeatReceipts offers an excellent receipt scanner that interfaces with Word, Excel and many accounting applications.
http://www.possupply.com/
Thanks so much for your comment!
ReplyDeleteNeatReceipts must be a great scanner - the guest on this podcast, Cathi Aiello, recommended it during the call as well.
POS is right, they should be able to last for up to 5 years. To be safe though, photo copies make a good back up and they are easy to organize.
ReplyDelete