Did you know that a credit card slip isn't enough for your bookkeeper to properly record an expense?
It's an easy mistake to make. You grab lunch with a client, pay with your card, and the little slip the waiter hands you feels like proof enough. You toss it in a drawer (or your wallet, or your car) and move on with your day.
But here's the problem. That credit card slip only shows one thing: the total amount charged. It doesn't tell your bookkeeper what you actually bought.
Why the detail matters
The itemized receipt is what shows the breakdown of your purchase. That's the document that lets your bookkeeper (or you, come tax time) confirm what the expense actually was.
This matters more than people realize, especially if the CRA ever asks questions. A credit card slip proves you spent money. It doesn't prove what you spent it on, and that's exactly what you need to support a business expense claim.
A quick example
Say you're at Costco buying office supplies, and you also grab a case of water and some snacks for home. The credit card slip just shows one total. The itemized receipt shows the printer paper and pens separately from the personal items, which is the only way your bookkeeper can correctly claim the business portion and leave the rest out.
Without that itemized detail, you're stuck guessing, or worse, either overclaiming or missing expenses you were entitled to write off.
What to do instead
Get in the habit of keeping the itemized receipt, not just the card slip. A quick photo on your phone the moment you pay works perfectly. Apps or a dedicated folder in your email also work well if you want something more organized.
It's a small habit, but it makes a big difference when it's time to close your books or if the CRA ever comes asking.