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Credit card receipts should be kept until you receive your statement and can verify the amount on the statement matches the receipt. If you need receipts for tax purposes then you will need to keep those with your tax information. If you make a big purchase on a credit card, like a dryer or washer, you sould keep those receipts until the warrenty period has expired.
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Compile the credit card receipts What should you do to the receipts?
You should keep them and match them with what you bought. After they match up you can throw them away if you wish.
Do you need to keep receipts when using a business charge card?
It is a very good idea to keep receipts when using a business charge card. You need to be able to justify all of your purchases made on a company card, and keeping receipts is a great way to ensure you can do this.
How long should one keep receipts for tax purposes?
The receipts for tax purposes should be kept according to importance. If the receipts are for important business expenses or tax deductions it is advisable to keep them for at least seven years after the taxes are filed.
Why should cash receipts be deposits on the day of receipt?
Cash receipts help keep track of the money taken in by a business for the day. These receipts can be matched with the deposit to ensure that the numbers are correct.
What is a credit card statement?
If you have a credit card, about once a month you will be sent a list of the transactions you did with it, and it will show the values of them all and a balance at the end of the month. You will then know what you owe, if anything. You can go through this to check that they are correct. You may have your own record kept or a set of receipts, so that you can go through them to see if they all match up. By having a statement you have a regular record of your spending and it enables you to keep control of your finances.
