Archive for category: Financial

You are here: / Financial

The IRS and electronic receipts

/2 Comments/in , /by

Over the last several months, we have been receiving questions about the IRS’s acceptance of electronic receipts. The IRS does accept electronic receipts, but there are a few caveats. All the details are specified under IRS Rev. Proc. 97-22 which can be found:

Here

The general requirements (page 10 of 36) in this PDF specified by the IRS are:

“(1) reasonable controls to ensure the integrity, accuracy and reliability of the electronic storage system
(2) reasonable controls to prevent and detect the unauthorized creation of, addition to, alteration of, deletion of or deterioration of electronically stored books and records
(3) an inspection and quality assurance program, evidenced by regular evaluations of the electronic storage system including periodic checks of electronically stored books and records
(4) a retrieval system that includes an indexing system
(5) the ability to reproduce legible and readable hard copies of electronically stored books and records.”

Please note that this is NOT legal or tax advice. Please contact your attorney for more information.

Gorilla Expense releases Credit Card Import Module

/in , , /by

Gorilla Expense has released its credit card import module. With this, users will be able to import credit card transactions directly into the expense report. The module incorporates all major credit cards as well as several banks including checking and savings.

For users, this will reduce the time spent in creating reports and minimize errors. For the stakeholders, there will be more visibility into spend, greater compliance and easier reconciling of submitted expenses with CC statements.

Try it out today! Send email to info AT gorillaexpense.com for a trial.