This is just flat wrong advice in every jurisdiction I’ve worked in and further wouldn’t fly at any employer. The bank statement may provide the WHO in the transaction, but the invoice / receipt / similar provides the most important part, the WHAT that was paid for.

No, you are wrong. Sure, employers will all have their own rules. But I am talking about IRS substantiation.

The IRS lists out the different forms of documentation needed to support your expenses.

https://www.irs.gov/businesses/small-businesses-self-employe...

You can see right there under Expenses that credit card statements as well as cancelled checks are valid documentation for a write-off.

From your link:

> Your supporting documents should show the amount paid and a description that shows the amount was for a business expense.

A credit card statement typically doesn’t fulfill the second half of that requirement. That doesn’t mean the card statement isn’t a valid supporting document, just that it wasn’t enough by itself.

I too read an IRS document once, that doesn’t make me an expert on accounting. However, when every single finance person has stated that the WHAT was as important and then your own link says that too, I generally would back down and admit maybe I misunderstood and/or made a mistake. YMMV.

That is not gonna fly where I am from. Our external accountant, CPA type guy, will absolutely hound our ass, and charge his hourly rate doing it, for the invoice corresponding to the VISA card charge.

Well of course the business can have their own policies. I am just saying what the law is and what the IRS is allowed to require you to keep. You don't have to keep receipts. There are lots of other acceptable forms of documentation.

https://www.irs.gov/businesses/small-businesses-self-employe...