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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.

πŸ”‘ Key Points:

  1. Purpose (lightbulb): Compensate for business travel costs.

  2. Categories 🏷️ : Includes transportation, lodging, meals, entertainment, miscellaneous expenses, etc.

  3. Documentation ✍️ : Requires receipts and details like date, amount, and purpose.

  4. Submission 😎 : Through an expense report, often via travel expense management software.

  5. Approval πŸ‘Œ : Reviewed and approved by supervisors to ensure policy compliance.

  6. Reimbursement πŸ’° : 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:

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