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.

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