A bank statement may show that you spent money at Amazon, Walmart, Home Depot, or another store. It usually does not explain what you bought.
This can become a problem months later when you no longer remember the purpose of the purchase.
Add a short description to each business expense. A few words are often enough:
Shipping supplies
Printer ink
Customer project materials
Cleaning products
Office chair
Replacement equipment
For purchases containing several types of items, keep the detailed receipt. One shopping trip may include office supplies, equipment, and personal products. The store name alone is not enough to separate them.
Notes are especially useful for unusual purchases. Explain how the item was connected to the business and who used it.
Do not assume you will remember. Most business owners make hundreds or thousands of purchases during a year.
A short note made at the time of purchase provides a much clearer record than trying to reconstruct the details later.
