Review and finalise expenses


  • Learn how to review and finalise expenses 

Why review and finalise expenses? 

You finalise expenses to make sure that any expenses submitted by your employees comply with the business policies regarding spending limits, allowable expenses and approval processes. You can monitor spending against budgets and identify areas where costs can be reduced or controlled.  

Note: Make sure that the Employee Posting Group has been set up, and on the Payment tab of the Employee Card, the related Employee Posting Group is tagged. With this you can process employee expenses to reimburse by posting journal lines in the general journals.  

How to review and finalise expenses? 

To review and finalise expenses, follow the below steps: 

  1. Review submitted expenses: Review expense reports submitted by employees detailing their expenses, including verifying the amounts on the receipts match the amounts claimed with any supporting documentation.   
  2. Check policy compliance: Ensure that expenses comply with your business policies regarding categories, limits, and approval requirements. Identify any patterns or trends in employee expenses that may require further investigation or policy adjustment. 
  3. Review descriptions: Examine the descriptions provided for each expense to understand the nature of the expense and ensure it is legitimate. 
  4. Communicate with employees: If you have questions or need clarification about any expenses, communicate with the employees who submitted them to gather additional information. 
  5. Approve or reject expenses: Based on your review, approve or reject expenses as appropriate. Provide feedback to employees on rejected expenses and request corrections if necessary. 
  6. Document decisions: Keep a record of your decisions and the reasons behind them for future reference and auditing purposes. 
  7. Follow-up: Follow up with employees to ensure that any rejected expenses are corrected and resubmitted promptly. 
  8. Finalise expenses: After approval, process the reimbursement. This step involves creating a payment to reimburse the employee for the approved expenses. 
  9. Post to general ledger: Ensure that the expense reimbursement is posted to the appropriate accounts in the general ledger to accurately reflect the financial impact of the expenses. 
  10. You’ve completed the review and finalise expenses for your employees.  

Note: By reviewing expenses, your business can identify areas of overspending and take corrective actions to control costs. You can accurately track employee spending against budgeted amounts.  


What’s next? 

Find what type of financial report you need to generate reports that provide insights into the financial health of your business.  


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