Keeping track of receipts is an important, but tedious, task for any business owner. At Relay, we’re making it easy to capture and manage the receipts for your Relay card transactions.
With Relay’s receipt management feature, you can set a receipt policy, attach receipts to transactions, and easily export those receipts to your accounting software. Read on to learn more.
Sections in this article
- Why is it important to keep track of receipts?
- Key features
- Can I manage receipts in Relay for non-Relay transactions?
- Can I upload receipts for ACH, wire, or check payments?
- Can I upload a receipt for a card transaction that is still being processed?
- Who can upload receipts to Relay?
Why is it important to keep track of receipts?
Receipts provide the context needed for accurate record-keeping, expense tracking, and budgeting. For example, it can be difficult to know why your employee bought something at Amazon without the receipt that breaks down the items purchased.
Receipts will also help you stay audit-ready. The IRS regularly audits small businesses to make sure all tax deductions adhere to their guidelines, and they require receipts to verify the validity of deductions. Without the proof of a receipt, the deduction could be disallowed and taxes may be owed. It’s recommended that small businesses keep receipts for at least 3-7 years because this is how far back the IRS can audit.
And lastly, it’s important to keep receipts on hand in case you need to return or exchange an item purchased for your business. If something is defective, or not as described, having a receipt can make the process of getting your money back a lot easier.
How Relay’s receipt management feature can help you keep track of receipts
Administrators can set a receipt policy, enforcing team members with Manager and Cardholder permissions to upload receipts to Relay, where they can be stored and attached to debit card transactions for safekeeping/easy access when the receipt is needed for record-keeping, audit, or refund purposes.
Relay will notify cardholders—via SMS—that a card purchase requires a receipt. They’ll also see which transactions are missing a receipt in-app. Administrators will be able to see which transactions are missing receipts so they can also follow up with Cardholders as needed.
Team members can also forward a receipt by email to Relay. Administrators, Managers, and Cardholders can directly upload/drag and drop receipts into the web or mobile app.
We’ll automatically attach a receipt to the corresponding transaction, saving the business owner or their advisor the grunt work of finding and matching transactions to receipts. In cases where we’re unable to match a receipt, Relay speeds up the process by only surfacing unmatched receipts and transactions.
Key features
Setting a receipt policy
Setting a receipt policy allows you to control what transactions your employees will be required to provide a receipt for. Relay allows you to select from three different receipt policies, so you can set a policy that suits your business best.
More information about our receipt policies can be found here: Setting up a receipt policy in Relay.
Receiving notifications
We’ll send Cardholders a notification via SMS when they make a purchase that is within the set receipt policy. Receipts can be uploaded via a unique link included in the message.
You can learn all about receipt notifications here: Receipt notifications for Cardholders.
Uploading receipts
Relay’s made it easy to attach receipts to card transactions. There are multiple ways for you to upload one-off receipts for specific transactions, or upload receipts in bulk.
To learn more about uploading receipts, please see: Uploading receipts to Relay.
Can I manage receipts in Relay for non-Relay transactions?
Currently, we only offer receipt management for transactions made on Relay debit cards.
Can I upload receipts for ACH, wire, or check payments?
You can only upload receipts for card transactions at this time.
Can I upload a receipt for a card transaction that is still being processed?
Yes, you can upload receipts for pending and settled card transactions.
Who can upload receipts to Relay?
Administrators, Managers, and Cardholders can upload receipts to Relay. Managers can only upload receipts for transactions linked to the accounts they have access to. Cardholders can only upload receipts for transactions linked to cards they have been assigned.