Would you like a receipt? Yes please! Collecting, organizing and tracking receipts is a vital part of expense management, so what happens if that little piece of paper disappears? Enter the eReceipt, the electronic version of your receipt. In an effort to sync with the digital age, (not to mention being green!), many merchants now offer the option of having your receipt emailed to you, in addition to a tangible receipt. Unfortunately this often times isn't an IRS acceptable replacement when getting your expenses in order…unless you're using a service like Expensify.
If your card or bank is linked to Expensify, an eReceipt for a purchase of under $75 is now a perfectly acceptable replacement if you or another employee happens to lose a receipt. Not only do they create an IRS compliant eReceipt, but the receipts are automatically created for all purchases of under $75, so no requesting the receipt, it'll already be there waiting for you. Make sure to link your card or bank to Expensify, and don't sweat it if you lose the real receipt.
Stay tuned for our next post about eReceipts for business travel!