The IRS advises that all business expenses over $75 should have a corresponding receipt for tax filing purposes. You can make this a requirement for your team by adding a receipt policy to your Mercury account. Once added, team members will be prompted to upload receipts for any card transactions over the custom threshold you set.
How to set up
- Go to Settings > Controls
- In the section labeled Require receipts for card transactions, toggle the receipt policy on to enable it.
- You'll be prompted to enter the custom threshold above which receipts will be required. We default this to $75 to align with IRS advice, but you can change it to whatever.
Cardholders will be notified via email and in-product notification that the policy has been added and they'll be required to upload receipts.
They'll also get an email prompting them to upload receipts each time they complete a relevant transaction. For in-person transactions, if the cardholder has the mobile app, we'll send them a push notification prompting them to snap a picture of their receipt immediately after the transaction is processed.
Uploading a receipt
Either follow the link provided in the email or push notification, or go to the Transactions page and select the + button in the Attachments column.
You can also add the Requires a receipt filter to view transactions that need attention.
Reminders
At the end of each week, cardholders will be sent an additional email notification letting them know how many outstanding transactions still need receipts.
Notifications are automatically enabled for cardholders, but they can be toggled off via Settings > Notifications.
For more about the IRS' receipt policy regarding transactions $75 and over please refer to the IRS rule on Substantiation of Business Expenses.