Do You Have Receipts for Any Major Purchases Uploaded into Sunrise?

Do You Have Receipts for Any Major Purchases Uploaded into Sunrise?

Do You Have Receipts for Any Major Purchases Uploaded into Sunrise?

When you upload a receipt for a major purchase, verify that it’s being recorded to the proper account in Sunrise. Major purchases usually represent fixed assets rather than current expenses on the P&L. You can always change the account later if there’s been an error.

Note: After you have uploaded a receipt, you can add a comment. This is a good place to add a short description of the purchase. Your tax accountant will appreciate this information!

Tip: Receipts for major purchases are not only useful for obtaining warranty service when you need it, but they are also an important part of your tax records. Develop a system for organizing and preserving your receipts. Generally, you should keep receipts (or images of receipts) for as long as you own the asset, plus at least three more years after selling or otherwise disposing of the asset.

Sunrise and Lendio do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal, or accounting advice. You should consult a tax, legal, and accounting advisers before engaging in any transaction.


    • Related Articles

    • Forward Email Receipts to Sunrise

      Forwarding receipts to your Sunrise account is a great way to keep track of your transactions. You can forward images and pdf receipts from your inbox to Sunrise using your unique email forwarding email. Ditch that drawer or bag full of receipts and ...
    • How to: Mobile Expense Tracking

      The Sunrise app is a convenient way to track your business expenses while you’re on the move. Especially handy is being able to snap a picture of a receipt and attach it as proof when creating an expense. Here’s how to use the mobile expense tracking ...
    • What is Depreciation: Did You Make Any Large Purchases That Could Be Depreciated?

      Overview Deprecation is an annual income tax deduction that allows you to recover the cost or other basis of certain property over the time you use the property. It is an allowance for the wear and tear, deterioration, or obsolescence of the ...
    • How Sunrise estimates your taxes

      How Sunrise estimates your taxes Written by Success-Team Updated over a week ago Where do you find your quarterly tax payment amounts? Every year, when you file your tax returns, the IRS sends you quarterly tax estimates on half-page payment ...
    • Customize what you call your taxes

      Customize what you call your taxes Do your customers need to see GST, HST, or any other name for the taxes they pay? With Sunrise, you can create or customize invoice templates to reflect what you call your taxes.  Head to Settings > Templates and ...