An itemized receipt is most often used by businesses to keep track of employee expenses, especially when an employee frequently travels or goes out of town. This type of receipt must include the merchant’s name, the service received or the item purchased, any tax or gratuity, date of service, method of payment, and the total amount spent. With all of this information, businesses are able to reimburse their employees for legitimate expenses, such as meals while traveling, cost of lodging, gas purchased for a rental car, etc.
If you do not know your employer’s itemized receipt policy, contact them about it as soon as possible if you will be traveling. If any of the rules are ambiguous, make sure to clarify them before you leave.
How to Create an Itemized Receipt:
If you are an employee and you wish to be reimbursed for your expenses while traveling, here are some steps to take to ensure you receive the most accurate reimbursement possible.
- Keep all of your receipts in one location – such as a small folder – and keep them in chronological order.
- Label what each receipt is. For example, if you go to a business lunch with a colleague, label the receipt “business lunch.”
- At the end of each month, take all of your receipts and input the information into an itemized receipt template, then give it to the accounting department.
- Take the receipts listed on the larger itemized receipt out of the folder and either make sure accounting gets them, or put them in a work-related folder for future reference if audited.
- Consider scanning your receipts if you wish to throw them away or do not have a better place to keep them. Retaining a digital copy means you can send them to anyone who needs to see your receipts at any time.
Why Should I Use an Itemized Receipt Template?
An itemized receipt template makes it easy for you to keep track of all the information your accounting department will need to accurately reimburse you. This can also help prevent an audit, as your financial information will be well organized and easy to read. Templates are a great way to keep track of necessary information and ensure that the format is the same every time. Download our free itemized receipt templates and see which one works best for you.