Mark_5
Employee Tax Expert

Business & farm

When faced with the process where physical receipts are an issue there are some various steps you can take with the cash transactions.

  • Maintain a detailed log.
  • Use digital tools and applications.
  • Keep material communication and contracts.
  • Photographs and screen shots.
  • Do not default into a record less system, lack of overall company records is a burden on you.

Just because a customer does not want a receipt of a sales transactions does not mean you cannot create one for the sales event.  You should also be mindful of cash transactions that would be included in the requirements for collecting W-9s and issuing 1099s.