A receipt should be connected to a transaction record that lets another person understand what was bought, when, for which Business, how it was paid and why it was business-related. The receipt supplies evidence; the record supplies context.

Record the transaction facts

Capture these details while they are easy to verify:

• supplier or payee;
• purchase date;
• subtotal, taxes, total and currency;
• goods or services purchased;
• payment method or account;
• the exact Business; and
• the attached receipt, invoice or other voucher.

If the supplier description is vague, keep the original wording and add a separate note explaining the purchase. Do not rewrite the source document.

Add the business context

A future reviewer may not know why a purchase mattered. Write a short purpose such as “replacement cable for client presentation equipment” rather than “supplies.” If a purchase relates to a client, project, trip or contractor bill, record that connection without adding unnecessary personal information.

Category labels can help with review, but they are not a substitute for evidence or professional classification. When the treatment is uncertain, flag the record for review.

Identify who paid

State whether the Business paid directly or whether the owner used personal funds. An owner-paid purchase can create both an expense record and a separate amount owed to the owner. Keep those facts distinct so repayment is not recorded as another expense.

For that workflow, see owner repayments.

Handle incomplete receipts honestly

If a receipt does not show an important fact:

1. request a better invoice or receipt from the supplier;

2. preserve related evidence such as the order confirmation or payment record;

3. add a dated note describing what is missing and how the amount was verified; and

4. leave the record open for review if uncertainty remains.

Never invent a tax amount, supplier detail or business purpose to make the record look complete.

Frequently asked questions

Is the card statement enough to identify the payment method?

It can support payment, but the receipt still explains the purchase. Keep both when they add different information.

Should I record tax separately?

Record the amounts shown on the source document. Whether and how a tax amount is claimable depends on your registration and circumstances; ask a qualified professional when unsure.

What if one receipt has personal and business items?

Keep the full source document, identify the business items and record only the business portion. Do not alter the original receipt.

Official guidance

The CRA’s business records guidance lists supporting documents and emphasizes daily income and expense records. Its business expenses overview explains that expense claims need supporting invoices, receipts or other vouchers.

This checklist supports organized records; it does not determine deductibility or GST/HST eligibility.