Expense Types
>> Settings > Expenses > Expense Types
Expense Types define what items can be claimed by employees, with the following characteristics.
GENERAL
- Name - Title of the expense type
- Description – notes to help understand what type of expense apply
- Accounting Classification – automatically classifies expenses for easy export to your accounting system:
- Operating expenses - will appear in your profit & loss
- Capital expenses - are capitalized as assets
- Cost Center - allow expenses to be grouped for budgeting and reporting purposes
- Receipt Required – require a receipt to be attached upon claim submission
- Client Expense -
- Exclude Probation Period - restrict probationary employees on selecting the expense type
ASSIGNMENT
Select employees who can see and submit the expense type.
- Employment type - select based on employment type of employees (Regular, Contractual/Project Based, Probationary, etc)
- Position - select based on positions
- Group - select based on customized groups
LIMITS PER CLAIM
- Per claim limit - restricts submission of a single expense above the limit
- Per Clients Attending - limit on reimbursement amount per client attending
- Max Client Attending - limit the number of clients attending
- Per employee attending - limit on reimbursement amount per employee attending
- Max Employees Attending - limit the number of employees attending
LIMITS PER PERIOD
- Period - select if request submission will be restricted per Monthly, Quarterly, Semi-Monthly, or Yearly
- Time Frame - select if Calendar or Hire Date
- Calendar - Limit will be renewed at the beginning of the month/year (based on period you choose)
- Hire Date - Limit will be renewed in accordance to the Hire Date
- Frequency - determines how many times the limit will renew depend on Period and Time Frame
Example:
Frequency is 1 - If you choose Yearly Period and Calendar Time Frame, then the limit will be renewed once a year
Frequency is 2 - If you choose Monthly Period and Calendar Time Frame, then the limit will be renewed every two months - Total Budget - the total budget shared by employees that can be reimbursed
Example: 10,000.00 budget will be shared by all employees. They cannot use the expense type once the budget has run out. - Employee Fixed Limit - the total amount that can be reimbursed per employee
- Time Frame - select if Calendar or Hire Date
EMPLOYEE CONTRIBUTIONS
- Excess - amount Employee must bear. Reimbursement exceeding the excess amount will be shared by the Employer & Employee
- Co-pay (%) - amount above excess that must be borne by the employee
APPROVED VENDORS
Restrict Reimbursement filing to approved Vendors
- Vendor - Name of Vendor
- Limit - Expense reimbursement amount limit per vendor
Once done with the configuration, you may now click SAVE to let employees use the expense type when filing reimbursements.
RELATED ARTICLES
- Submitting Expense Claims using the mobile app
- Approving Expense Claim
- How to add Approve Expense Claims to a Pending Payroll Batch
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