Stessa's mobile apps for iOS and Android are more than just pocket-sized editions of the regular web platform. You can't scan a receipt with your laptop, but it's quick and easy with the mobile app. If you don't already have Stessa mobile, you can install it now for iOS or Android for free.
As you can see in the video above, Stessa automatically parses key data in each receipt to create a new expense transaction. You'll often find that the store or vendor name, date, total amount, and (sometimes) category are pre-filled for you. If you have more than one property, you'll then just need to assign the expense to the correct asset. It's that easy!
Why Bother Scanning Your Receipts?
There are a lot of good reasons to get in the habit of scanning the receipts from repairs and other work performed on your rental properties. Here are a few, in no particular order:
Streamlines required tax record-keeping for a potential audit
Gives your CPA added confidence in the numbers you're submitting
Makes it easy to see which charges include which specific items
Allows for remote access to receipt data, unlike a shoebox or file cabinet
Faster than entering transaction details manually
What if There's Already a Matching Transaction?
Many investors using Stessa also link their bank and credit card accounts, and Stessa keeps this in mind whenever a receipt is scanned. Before creating a new transaction, the system will search your transaction history for a matching record with the same vendor, date, and amount. If there's a solid match, the newly scanned receipt will simply be attached to the existing transaction. Otherwise, a new transaction will be created for you.
In the rare event that the system is unable to match the two automatically, it's easy enough to use the "Merge" feature to combine the two transactions into a single record. To learn how check out How to Split & Merge Transactions.
Stessa's mobile app for iOS:
Download the iOS app now >
Stessa's mobile app for Android:
Need Help Scanning Receipts?
If you have questions or suggestions about receipt scanning, use the blue circle at the lower right on the mobile app to start a new support conversation. If there's something you'd like to see added or improved, please use the Wishlist.