Reasons Why Receipts Are Worth Keeping

Receipts (ใบเสร็จรับเงิน, which is the term in Thai) provide information to customers and is vital for documenting purchases.

In business, record-keeping is essential, and for the success of every business, a business plan or model is inevitable as well as, appropriate accounting method. To be able to use all this information to your advantage, retention of receipts is necessary.

Below are a few reasons why keeping receipts is worthwhile:

Proof of purchase for warranties

 For warranty claims, receipts are needed as proof of purchase for warranties of major items such as electronics, appliances, or jewelry. They should be retained as long as you own the items.

 Proof of Major Expenses

Keep receipts as a proof for major expenses such as a car. Car receipts should be kept in a file you keep the car’s documents for as long as you retain ownership. Also, major home improvement expenses should be filed in an archive for home improvements and repairs and then archived with your tax records after the home is sold.

Returns or exchanges

To successfully return a purchased item, you may have to retain the item’s receipt for long as the store’s return policy applies. Then you can either discard the receipts or file them for warranty purposes. It is advisable to have a file for these sorts of pending receipts, and cleaning it out when full.

Expense reimbursements

Receipts are useful for one to get reimbursed for work expenses that they covered with personal funds. Your company can give you a credit card to use for these items next time to simplify things.

Budgeting and Reconciling

 If you’re wondering how much you spend in specific categories, receipts can provide you with answers. These days, however, online banking offers more data; hence you do not really need to track everything.

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