Abstract: A financial data management system and method for allowing a user store receipt data in a centralized database with receipt line items in embodied as discrete entries. The financial data management method comprises the steps of receiving on a smart phone adapted to configure purchase receipt data files either a generated image file, a generated data file, or a transmitted data file containing the typical information on a conventional paper receipt. The purchase receipt data file is then processed by assigning it a unique identifier, extracting line items into discrete receipt entries, and tagging the receipt entries with the general receipt information taken from the source receipt, such as date and store name. The tagged entries are then transmitted to a server which allows the receipt entries to be accessed and manipulated from any device having an Internet connection.