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If I don't have a receipt but transaction is recorded on my bank statement would I still be able to claim expense?
I do this all the time, especially for expenses like gas. Of course I could make the gas pump spit out a receipt and record the expense from that, but I just record it when it shows up on my bank feed. The real reason you would want receipts is for your higher level issues, like if your accountant wanted to see one, or if you were audited. And even then, I don't know if the IRS would want to see receipts for gas. You'll have to find a balance between all these issues. The expenses I have for my business are fairly regular, and I could go online to find receipts for almost anything I paid, if I wanted to.
It's great to have you here in the Community, Sully.
Let me share some insights about managing expenses and receipts.
Yes, you can still claim the expense without having your receipt. You can also have a digital copy of the receipts instead of the physical copies.
However, you have to make sure that your transactions are accurate because the time will come when the IRS will audit them as proof of your business expenses.
The IRS wants to see:
Moreover, these should be stored in a secure place that's easy for you to access, captured in their original form, and reproducible for the IRS whenever necessary.
Furthermore, I've added an article you can browse to help you record and enter business expenses to give a more compatible picture of your business and profit: Enter and manage expenses in QuickBooks.
Let me know if still have further queries managing receipts in your QuickBooks Self-Employed account. I'm just one post away to assist you. Stay safe and have a good one.
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