What is an expense?
An expense claim/transaction in travel expense management is a request by an employee for reimbursement of costs incurred during business travel. These costs can include transportation, lodging, meals, and other related expenses.
π Key Points:
Purpose
: Compensate for business travel costs.
Categories π·οΈ : Includes transportation, lodging, meals, entertainment, miscellaneous expenses, etc.
Documentation βοΈ : Requires receipts and details like date, amount, and purpose.
Submission π : Through an expense report, often via travel expense management software.
Approval π : Reviewed and approved by supervisors to ensure policy compliance.
Reimbursement π° : Paid out after approval.
Example:
For a trip costing $940 in flights, hotel, meals, and taxis, the employee submits an expense claim with receipts. After approval, they are reimbursed $940.
Expense claims streamline the reimbursement process, ensuring accuracy and policy compliance.
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If you would like to discover how to perform several of the tasks related to an expense transaction, including how an expense report can be created, kindly check the articles below: