How to Track Receipts & Invoices in QuickBooks or Excel

Keeping track of receipts and invoices is essential for any business in Canada. Not only does it help you understand your cash flow, but it also ensures you’re ready for tax time and compliant with the CRA.

Two of the most common tools business owners use are QuickBooks and Excel. But how do they compare—and which one is right for you? Let’s break it down.

Why Tracking Receipts and Invoices Matters

• Tax compliance: The CRA may request records going back several years.

• Cash flow management: Helps you see who owes you money and what bills are due.

• Audit readiness: Organized records make audits less stressful.

• Business planning: Clear financial data leads to smarter decisions.

Tracking with QuickBooks

QuickBooks is accounting software that simplifies bookkeeping for small and medium businesses. Here’s what it offers:

• Automated tracking: Upload receipts by snapping a photo, and QuickBooks categorizes them for you.

• Invoice management: Create and send invoices, track payments, and get alerts for overdue accounts.

• Integration: Sync with your bank for real-time updates.

• Reports: Generate profit-and-loss statements or tax summaries instantly.

👉 Best for: Businesses that want automation, fewer manual errors, and time savings.

Tracking with Excel

Excel is a flexible, low-cost option that many small businesses start with. Here’s how it works:

• Custom spreadsheets: Create columns for date, vendor, amount, category, and payment status.

• Manual entry: You’ll need to input each receipt or invoice yourself.

• Formulas & filters: Use SUM, VLOOKUP, and filters to organize data.

• Simple templates: Many free templates are available online to get started.

👉 Best for: Very small businesses or startups with limited transactions and tight budgets.

Which One Should You Choose?

• If you want simplicity and low cost, Excel can do the job—especially for businesses with just a handful of monthly transactions.

• If you need efficiency, automation, and growth support, QuickBooks is the smarter investment.

Some businesses even use both: QuickBooks for day-to-day tracking, and Excel for custom reports.

Final Thoughts

Whether you choose QuickBooks or Excel, the key is to stay consistent and organized. Proper tracking of receipts and invoices not only saves time but also keeps your business prepared for CRA requirements and audits.

👉 At Tikitax, we help businesses set up bookkeeping systems, manage receipts and invoices, and stay tax-compliant. Contact us today to make your record-keeping stress-free