Can I use my bank statements in lieu of actual receipts from a particular company for tax filing purposes?

Question

Can I use my bank statements in lieu of actual receipts from a particular company for tax filing purposes? The statements the company has in print is less than what they actually deducted from my business checking account. Also if I can use my bank statement then I no longer have to print 12 monthly invoices from all my reoccurring business expense. Can an accountant or someone shed some light on this for me please?

Answer 1

Your bank statement don't really show what the expenditures are for, so no, keep printing the invoices. If more is taken from your account that the invoices show, I'd take that up with the company since something is very wrong somewhere.

Answer 2

No, bank statements are not enough; however, you don't need to print the documents if you have them electronically. Here is an excerpt from the IRS web site:

Supporting Business Documents: Purchases, sales, payroll, and other transactions you have in your business will generate supporting documents such as invoices and receipts. Supporting documents include sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks. These documents contain the information you need to record in your books. It is important to keep these documents because they support the entries in your books and on your tax return. You should keep them in an orderly fashion and in a safe place. For instance, organize them by year and type of income or expense. For more detailed information refer to Publication 583,