Category: Accounts Payable

What are original receipts?

The Internal Revenue Service has record-keeping requirements on reimbursements for business-related expenses. Original receipts are required for any reimbursed individual expense. An original receipt constitutes a document procured from the entity which provided the product/item/service purchased.  Such document must contain the date of purchase and the amount of the purchase. In the instance when a purchase is not made in person (telephone transactions, Internet orders) some form of substantiation that states the price, payment and date is expected i.e., order confirmation, invoice upon receipt, business card with amount, etc. In rare instances when substantiation is truly not possible, a written explanation indicating date, amount, payment form and business reason may be accepted. Personal credit card statements indicating the charge to the card are not acceptable as an original receipt. (One exception to the submission of a personal credit card statement is allowed when the expense is not stated in United States currency. Credit card statements will provide the conversion from a foreign currency into United States dollars.  In this circumstance a credit card statement should be forwarded along with the original receipt for the charge.)