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Subject: receipts
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Author Messages


07/15/2006 11:26 AM  
Does any one know if it is required to keep all receipt when we purchase something?


07/15/2006 3:11 PM  
Eric, it is best to provide receipts. If not available get a signed receipt for amount paid prior to making any payment. Yes, you should keep these on file.


07/15/2006 3:18 PM  

I would highly advise it. We have a situation where a past treasurer with several a few hundred dollars without any receipts. Makes for awkward situations, rumors, fingerpointing and potential abuse if you don't.


07/15/2006 10:17 PM  
two ways to avoid the problem with keeping receipts (and actually, very advisable in the world of today):

scan all receipts into a PDF and save.
note all expenses, in a spreadsheet or accountants ledger, and have a place for the verification of a receipt by two (or more) officers. For instance, each month they can look at the books, compare the receipts, and initial or verify that they have personally seen and verified the receipt is valid. Note that in the ledger.

I prefer the first.

And, as for why you would want to do this? Most receipts are now printed on the cheapest paper you can purchase, with the cheapest ink possible. Or, even worse, on thermal paper with a thermal printer. Go ahead, take an average receipt, sit it in the window of your car for one month, then look at it.

I save every receipt in folders in my garage, and i can promise you, any receipt older than about a year is almost faded. Any older than two years is faint, almost invisible. Receipts going back five to seven years are basically pieces of paper.

Of course, if i am ever audited by the IRS, i am counting on that.

Yes sir, I have a receipt for that. Right here... blank? well it wasn't when I put it in that folder... Hmmmmmm.



07/16/2006 8:42 AM  
We have an expense report that is completed stating when, where, what and why the item was purchased. I copy the receipts and fax all to the management company for reimbursement. I keep the faxed copy and my originals to protect myself later if needed.

During a board removal process last year, some folks insisted on going to the management company to review items. What were they looking for? Things associated with me (as they thought I created absentee proxies to overturn the election). They didn't find anything on me that was not legit.


07/16/2006 3:33 PM  
Thank you all for the advice. The reason for the question is the old reciepts are faded or not legible. I think scanning or copys are a good chose.

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