Efficient Expense Report Management: A Step-by-Step Guide
Learn how to manage and process expense reports efficiently with our comprehensive guide. From receiving reports via email to finalizing payments, streamline your workflow with these best practices.
In this guide, we'll learn how to efficiently process and manage expense reports received via email. The process involves reviewing the details of the expense report, verifying receipts, and ensuring all necessary information is included. We'll also cover how to enter data into the appropriate accounting systems and prepare the necessary documentation for reimbursement. This guide aims to streamline the workflow, ensuring accuracy and compliance with company policies.
Let's get started
Okay. For expense reports, I receive them via email. They usually come from either Nate or Amy.
Occasionally, I receive an unusual one from Abby or even from Raul, but not very often. It appears in the format you see here. Nate has been doing it for a long time, so he's great at providing all the information I could possibly need in an email. One new addition is that Rachel has reviewed the content, confirming it has been checked. The first step in reviewing an expense report is to open the email containing the report.
Take a quick look to ensure it is complete. Check that it includes the project number, the reason for travel, and the appropriate signatures. Next, I will review the receipts. Now that Rachel is looking at this, many people are reviewing receipts. I haven't noticed any missing receipts. Once again, I go back and open the receipts. This time, all the receipts are grouped together in one package.
This receipt is for $528.36, which covers the airfare.
I do that for each set of receipts.
The total amount for the hotels was 115.
I'm sorry, it seems like the text you provided is incomplete. Could you please provide the full text or more context so I can assist you better? This is what was over here.
Yes, these were 1466. Yes. Next, I check the meals and incidentals to ensure they are separated correctly. We should have the three full days in the middle and 75% of each day at the beginning and end. I'm sorry, but it seems like the transcript you want me to refine is missing. Could you please provide the text you need help with?
Car rental, 28, okay. 264. We have 17 for fuel.
I'm sorry, but it seems like the text you provided is incomplete or not in a recognizable format. Could you please provide the full text or clarify the content you need help with?
48.
After checking all the receipts, I need to go in here, and then I'll...
Once again, I will do this for your benefit. I would go to Steve's documents and...
Because it takes me right to where I need to be. In Accounting, under Steve's Documents, at the bottom of the list, is Travel Tracker.
I would return and search for John Holtzman's April 28th trip in the Travel Tracker.
I should already have it here because Nate sends me all this stuff, and I pre-approve it.
I would enter the actual amount spent.
I enter these columns here. I enter the date when I will issue the check. I enter the fact that this is an ACH... Cannot spell. The date the check should be issued is typically tomorrow for ACH transactions.
If I enter them into the Wright-Patt Credit Union today, the checks will be issued tomorrow. However, since it's after 2:00, I probably won't enter this quickly. So, the date will likely change to 5/15 instead of tomorrow.
I always leave this column out. This column shows the amount we will reimburse the employee, not the total expense report amount. In this case, they are both the same number. I enter the expense report amount here a second time. Once it's paid, I'll clear it from this column. At the bottom, there's a running total of outstanding expense reports.
I haven't been in for a while. They were all due on the 8th. They've probably all cleared. Next time I go into Wright-Patt, I will check the history and ensure those are cleared. As a point, I need to have that amount of money in the bank account.
Although we usually keep it just above $10,000 to $15,000, I need to ensure that's covered. Sometimes, the amounts for expense reports can be quite large.
As you can see, there's one here for almost $13,000. Sometimes, they can be a larger amount.
That is probably not an expense report. Yes, that's an ACH I made to pay for the tech library. Once I've done that, the next step is to come back here and find the form labeled "Employee Expense Template." Then, I open it.
This is a cover sheet for the expense report.
I used to put the routing numbers and similar information here for things like this because this is ICBM, which is a JV.
I need to send a copy of this expense report with my invoice to Peerless. However, I will not include any banking information for our employees. That would be unwise. Yes, that worked, right?
After completing that step, I print it as a PDF.
Open the downloads folder and locate the files in Adobe. Gather the expense report, receipts, and the cover sheet you just created.
Combine them into one file.
I saved the file.
I usually save this to a file labeled "Payments that Need to be Made."
I'll save it to Downloads, as it should go there.
Unable to move that... I might need to change that description because I can't remember the exact dates. I save the file with the employee's name and the expense report dates. This way, when invoicing, I can check the travel tracker to see if any travel is linked to the invoice. This helps me identify which expense reports to use.
In short, that is the process for creating the expense report and preparing it for submission. The next step is to make the payment. See the next SOP.