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If you’re deducting your expenses on your taxes you need a backup in case you get audited, according to The Balance. Only then can an employee be reimbursed.Įven if you’re a business owner generating an expense report to track spending, you’ll need to keep your corresponding receipts or invoices. If submitting the expense report electronically, scan the receipts using the receipt scanner app and attach them as files. If printing the expense report, tape the receipts onto a piece of printer paper and photocopy them so you can keep the originals. Attach Receipts, If NecessaryĮmployees submitting expense reports for reimbursement will absolutely need to attach receipts to justify their claims. Account for any previous over or under payments, if you’re reimbursing an employee. You can add this feature to your expense report template, if you like, so you can better see how you’re spending in each category.
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Add up the TotalĮach category has a subtotal on an expense report and then a grand total of all expenses. Add the amount of each expense, tax included. Be sure to indicate what client and project the expense is for to ensure accurate tracking.Įnter your expenses in chronological order so the most recent expense is at the end. This is because the IRS allows businesses to claim some expenses as deductions and asks them to break out the totals by category.Īdd each expense on a new line, being sure to fill out as much information as possible. If you drive a vehicle for business purposes, you need a “car and truck expenses” column, according to The Balance.Įxpense reports can separate out expenses by tax category, like rent. If you regularly take out clients for coffee or dinner, you need a “travel and meals” column.
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Your columns should reflect common expenses in your business.