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Am I the only one that has issues getting a receipt? Sometimes when I purchase items at some wholesales, haberdasheries or even gas at a gas station, the representatives give me a side eye when I ask for a receipt! A receipt is proof that you have made a payment and you are in receipt of a product or service.

Collecting receipts are not just important for entrepreneurs but for everyone! If you are a business owner, financial management software such as QuickBooks and Peachtree can help you to keep track of your spend. While some purchases you make maybe routine purchases it is still important to document and store your receipts.

Here are a few quick reasons as to why collecting your receipts are vital:

  1. Filing Taxes

Tax returns are due on the 15th of March in Jamaica. Collecting your receipts and organizing them makes the process easier. If you do not understand how to file taxes, there is an Education Unit at the Tax Office that can help you understand the basics and assisting you in setting up your own online portal. Once this is set up you can file your taxes easily online! In the United States taxes are due on the 15th of April; this is also tedious but there are many options to file taxes online with TurboTax or there are booths in Walmart and other supermarkets with agents to help or you can go to one of the institutions that handle taxes like H&R Block.

  1. You spent it? Get Reimbursed

If you ever end up using your personal funds to offset a work expense it is important that you have proof of purchase – Your Receipt! Turn over these receipts to the accounting department at work for your reimbursements but always remember to get the relevant approval before you use your personal funds.

  1. Return it; Exchange it

Chances are if you need to return or exchange an item bought from a store the return and/or exchange policy is written at the bottom or the back of your receipt. Your receipt is needed to complete any of those two transactions as it is proof of date and place of purchase. So do not throw away your receipts, at least keep them for 30 days or the length stated by the store’s policy.

  1. Warranties, anyone?

Receipts for appliances, electronics or even jewelry must be stored safely for use to retain Warranties when needed. Warranties can last from 1 month to a year dependent on the item!

  1. I own it! I can Prove it!

Receipts are a great way to prove ownership. “The car I’m driving… I bought it” – Destiny Child (Independent Ladies)

  1. Budget Wisely

Sometimes when we look back at our receipts and see the amount we spent on selected items it is a reminder to budget wisely.

So next time when you shop for products and/or services make sure you ask for a receipt.

With Love Tal

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