How To Upload Your Receipts
You can use the ReInvestWealth Smart Shoebox to manage your receipts. To take pictures of your receipts with your smartphone, open the ReInvestWealth app and click on "Upload Receipt". Then tap the camera icon and take a picture of your receipt directly from your smartphone.
If you receive more than one receipt for the same transaction, you can simply place one paper on top of the other and take a single picture. Once you’ve taken the picture, click upload, and your receipt will be saved to the smart shoebox. You can also upload screenshots of receipts in your emails and even take a scrolling screenshot on both android and iOS.
If you use your computer, go to the smart shoebox tab and click on "Upload Receipts". You can drag and drop files such as PDFs, JPEGs or PNGs. If you upload a PDF, note that only the first page will be saved. Uploaded documents will be renamed automatically based on the content of the receipts and can be searched easily.
Note that uploading receipts does not create transactions, instead the AI Bookkeeper will first analyze the receipt and then automatically link the receipt to the incoming bank transaction, as long as your bank accounts remain connected. Uploading your receipts will also help the AI Bookkeeper categorize your transactions more accurately, track any sales taxes and help you stay organized in case of an audit.
Benefits Of Uploading Your Receipts
1. Proof of Expenses
Receipts and bank statements serve as the foundation of your financial records. In case of an audit or tax inquiry, receipts are your undeniable proof of business expenses. Uploading them promptly ensures they’re always accessible when needed and will be automatically attached to their respective bank transactions.
2. Tax Deductions Made Easy
Proper documentation of business expenses is essential to maximize tax deductions. The ReInvestWealth AI accounting software matches uploaded receipts with incoming bank transactions, ensuring you don’t miss any tax-saving opportunities.
3. Time Efficiency
Gone are the days of sifting through piles of paper receipts. Digital uploads mean everything is organized in one place, saving you time and stress when reconciling accounts or preparing reports.
4. Professionalism and Peace of Mind
Using accounting software to manage receipts reflects a professional approach to your business finances. It minimizes the risk of lost or faded receipts and keeps your records audit-ready at all times.
Frequently Asked Questions
Why should I upload receipts to the ReInvestWealth accounting software?
Uploading receipts ensures accurate financial tracking, simplifies tax preparation, and provides proof of expenses in case of an audit or inquiry. It’s a vital part of organized bookkeeping.
What's the best way to take a picture of receipts?
The picture of your receipt should be good quality and in the right direction. Avoid saving pictures that are sideways. Only save a single picture of a receipt for best results. If you receive multiple receipts for a single transaction (like a second receipt when leaving a tip), simply place one receipt above the other and take a single picture of both documents.
Does uploading receipts create bank transactions?
Uploading receipts does not create transactions, instead the AI Bookkeeper will automatically link the receipt to the incoming bank transaction, as long as your bank accounts remain connected.
What the AI Bookkeeper does with the receipts?
The AI Bookkeeper will automatically link the receipt to the incoming bank transaction, as long as your bank accounts remain connected. Once the receipt is matched with the bank transaction, the AI Bookkeeper will categorize your transaction with higher accuracy.
What types of receipts should I upload?
You should upload receipts for all business-related transactions, including office supplies, meals and entertainment, travel and transportation, utilities and rent, professional services, software, subscriptions, etc.
Can I upload digital receipts or only paper ones?
You can upload both! Simply take pictures of your paper receipts with your smartphone directly from the ReInvestWealth app. If you use your computer, go to the Smart Shoebox tab and click on Upload Receipts. As for the digital receipts take screenshots of receipts in your emails and upload them. You can also take a scrolling screenshot on both android and iOS.
What receipt format I can upload?
You can upload files such as PDFs, JPEGs or PNGs. If you upload a PDF, note that only the first page will be saved.
Can the software match receipts to bank transactions?
Yes, the ReInvestWealth accounting software, first analyzes receipts and then matches them with bank transactions automatically, simplifying bookkeeping.
Do I still need to keep the original paper receipts?
It depends on your local regulations, but in most cases, digital copies are sufficient, and the paper receipt can be discarded.
How do I organize my receipts in the software?
The ReInvestWealth accounting software will rename your receipts automatically based on the receipt date, merchant name, location and receipt amount. You can then search and filter for your receipts quickly.
What happens if I lose a receipt?
If you lose a receipt, try to get a duplicate copy from the vendor. While your bookkeeping will still stay updated if your bank account is connected, missing receipts may limit the AI Bookkeeper's ability to accurately categorize transactions.
How secure are my uploaded receipts?
The ReInvestWealth accounting software uses encryption and secure servers to protect your data to ensure the safety of your financial records. Receipts can only be accessed via your account.
How often should I upload receipts?
Ideally, you should upload receipts as soon as you make a transaction. If you cannot upload your receipts right away, we recommend setting a weekly routine to review and upload receipts to stay consistent and audit compliant.
Do I need a scanner, or can I use my phone?
You don’t need a scanner. The ReInvestWealth app has mobile allows you to take a photo of the receipt and upload it directly.
What if a receipt fades over time?
Uploading receipts digitally prevents loss of information due to fading. As soon as you receive a receipt, upload it to the software to preserve its details permanently.