Why You Should Add Notes to Business Purchases

A bank statement may show that you spent money at Amazon, Walmart, Home Depot, or another store. Itusually does not explain what you bought.

This can become a problem months later when you no longer remember the purpose of the purchase.

VAdd 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 includeoffice 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 andwho used it.

Do not assume you will remember. Most business owners make hundreds or thousands of purchasesduring a year.

A short note made at the time of purchase provides a much clearer record than trying to reconstruct thedetails later.