I've just joined Quickbooks UK Self Emplyed and opened a small business online a few days ago.
I automatically linked PayPal and it imported a couple of business expenses on Quickbooks.
Quickbooks shows 2 different types of transactions:
(1) Transfer +£2.95 (in green)
(2) Business -£2.95 (in black) - note that I categorised it as business on purpose
For both options I have an option to include a receipt. I will have a receipt for the -£2.95 payment, but PayPal has automatically took the (1) transfer to obviously pay for (2) so do I need to include a receipt for this one also?
Do I ever need to include receipts for transfers to my business account or are they needed for expenses only? I'm at a very beginning stage of having my own business so want to make sure that I understand it well.
Do I need receipts for 100% of my expenses or is there a certain level under which you don't need a receipt?
Thanks in advance for your help.
