This last week I listened to a briefing about how the economic downturn has motivated the Internal Revenue Service to focus on auditing small businesses and the need to maintain readily available document of expenses. QuickBooks document manager immediately came to mind, not just for documenting expenses but for organizing all sorts of data around and invoice or bill.
Once I have added the documents, I can retrieve them and open them just like any other document. In the example below, I have opened a Word document, and Excel document, and a text document in WordPad.
I’m told that, if you can demonstrate organized, easily retrieval document for an audit, you are much less likely to be asked to have an audit extended to prior years. It might not be a bad idea to you’re your receipts and attach them to your QuickBooks transactions. In the long run it might save you time and grief.
Robert Guild designs specialized reports and automated analysis tools for QuickBooks clients to make decisions they can trust. He is a member of Intuit DeveloperNet and an Advanced Certified QuickBooks ProAdvisor. Visit www.ReportsUWant.com to see pre-designed analysis tools ready to buy or contact him about developing applications for your specific needs at rguild@ReportsUWant.com. You can also follow him on twitter at QBPro