Update the list of currencies in the Cell Links sheet to match the currency list in the Currency Codes and Descriptions sheet. In the Description tab, create a new function by entering values for Function, User Function Name, and Description.

A personal budget tracks your primary expenses and may reveal where you can cut costs and increase savings. To address both personal and business needs, we’ve included a variety of free expense sheet templates below, from formal expense reports to simple budgets for personal and event planning. To use these Word and Excel expense templates, click on the download button, save the file to your device, and customize or print the template as needed. For T&E expenses, employees typically submit weekly expense reports detailing out-of-pocket expenses for activities or purchases, such as client meals or mileage incurred driving to customer sites. A travel and entertainment expense report, also known as a T&E report, details the expenses incurred when employees travel for work and companies host events. Employees might submit T&E reports to get reimbursed for items such as business meals with clients or airfare to attend an industry conference.

• If you change a column or cell heading, you must also change the corresponding Long Label in the Region Items window of the Web Applications Dictionary.
• Expenses related to driving to multiple client sites, reimbursing employees for home office expenses and paying for conferences can add up quickly.
• Once defined, the flexfields appear in the Additional Information region of the Expense Report sheet.
• This template is used by the employees to request for reimbursement and by the business entity for keeping a record of such a reimbursement being made.
• Use this example of expense report as a guide to create a professional-looking expense sheet.

Open the Expense Type sheet tab at the bottom of the spreadsheet. Navigate to the Value Set window in Payables, then query a value set. To check the Receipt Missing box for a given row, enter True in Column C in the corresponding row. Open the Cell Links sheet tab at the bottom of the spreadsheet. Change the values in the Long Label fields to match the values in Column B of the Prompts sheet.

How Frequently Should Expense Reports Be Filed?

In 2019, you can deduct 58 cents from your personal taxes for each mile driven in your own car for business purposes. That’s a 3.5-cents-per-mile increase over the deduction allowed for 2018. Our priority at The Blueprint is helping businesses find the best solutions to improve their bottom lines and make owners smarter, happier, and richer. That’s why our editorial opinions and reviews are ours alone and aren’t inspired, endorsed, or sponsored by an advertiser. Editorial content from The Blueprint is separate from The Motley Fool editorial content and is created by a different analyst team.

Further, you can make changes to the expense categories as per your need. You can even specify the purpose for which various expenses have been incurred, the expense types, and the subtotals.

Move to the Consolidation Pivot and you can easily search for and filter expense reports using dynamic slicers. These give you immediate insights into the data of your employees’ travel habits. Easily track and categorize your expenses with our Expense Report Excel Template.

Your Template Is Downloading!

Creating your own expense report doesn’t need to be daunting. Follow the steps below to learn how to make your own expense report quickly and easily. An expense is money a company or self-employed individual spends in the course of running a business or carrying out a trade in an effort to make a profit. Alyssa Gregory is former writer for The Balance Small Business covering small business management. So by switching to a more automated process , they can get rid of one of the more tedious aspects of their day jobs. As we’ve already stated, there are better ways to handle employee spending than expense claims. Download the expense claim form below, and feel free to adjust it to your liking by changing how it works, adding extra fields or slapping on your own company logo.

Further, you can customize this sheet to include more columns as per need. This template is used by the employees to request for reimbursement and by the business entity for keeping a record of such a reimbursement being made.

Resume Templates

Project management Plan projects, automate workflows, and align teams. Use the dropdown menus to select payment type and category for each expense. Depending on the payment structure and accounting practices of your organization, you may need to utilize one, or even more than one of these models. For a blank, printable expense form that you can fill out by hand, simply remove the sample data and fill in the information you want printed. For example, a bad debt (money a business can’t collect from a client) is an expense. When you bring reporting into the cloud, the right tools can help you remove paper from the reporting equation.

So whether you use an app as above or write notes on the back of receipts, it’s best to assume that you’ll eventually forget what each little payment was for. They can send the template around the company and not have to worry about staff getting confused or making basic mistakes. You can set limits based on the amount spent or type of purchase, thus adding oversight without generating more work for supervisors. If your sales team meets with clients regularly, it’s probably a bit much to ask for preapproval for things like the cost of eating lunch or filling up the gas tank. Here, you can see that this purchase request shows the approver how much money they have left to spend in this category. Overpayment of expenses must be returned in a timely fashion.

The Departmental Expense Report

But, unlike the Sidestepper, who avoids the process because it’s too “confusing”, or “stress-inducing”, the Martyr does so because he or she feels personally “close” to the company and its cause. Hence, Martyrs treat these business expenses like their own. Research helps distinguish among 5 different types of employees when it comes to the way they approach the process of expense reporting.

This article is for small business owners who want to learn more about what expense reports track and how to create one. This would be the most straightforward of all the templates because it captures the expense, personal information, relevant pay period, and the description of the business expense. The line would also require the date, type of expense and amount to be documented. Expense reports also let you track spending over time and see whether any particular expense category is driving costs. Companies use quarterly and yearly expense reports to get a snapshot of long-term spending for a particular individual, project, department or product line. Use this balance sheet template to compare assets and liabilities, creating a quick report on your company’s current financial standing.

Excel Template

Expensify offers low-cost plans for individuals and small businesses, starting at $4.99 per month or per user—depending on the level of service you select. As you can see, the business in this example decided to reimburse its employees 40 cents per mile, but that rate will vary company to company. It’s not mandatory for a business to reimburse its employees for commuting in their personal vehicle, but companies should provide some sort of repayment if you use your own car to conduct business. This bring us to another topic that’s crucial for small business owners. This template is useful for both those submitting expense reports and those filing them. While there are a lot of expense report templates available on the internet, your best bet may be to use one of the many expense report templates available in Excel. ReceiptBank is another affordably priced expense management software application that automates the entire report creation process.

For example, if you run a sole proprietorship and you use Schedule C to record your business expenses, make sure to use the expense categories from Schedule C on your expense reports. Use this annual expense report to itemize monthly, quarterly, and yearly totals.

This expense report is a simple spreadsheet template for documenting the date, type, and total amount for each expense. You can customize the template by changing the column headings for categorizing expenses, or adding new columns if needed. Expenses are itemized, and the total reimbursement amount is calculated for you, minus any advance payments. ClickTime’s low-cost expense software is easy for everyone.

Each category that is regularly utilized should have its own column on the report. Determine how much an employee will be reimbursed after using their own money for a business expense. If an employee pays for something out of pocket and asks for a reimbursement, you need some way of making sure the expenses they’re claiming are accurate. The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed. This article looks in-depths at the types of expenses small businesses typically have. For example, a sole proprietor would use Schedule C in addition to their personal tax return form.

It will typically include an itemized list of expenses along with a description for each item. Expenses may be separated into categories, such as mileage, meals, hotel costs, or employee training. If the report is specifically for travel, it may include information about expense report example the destination and reason for travel. Any advance payment for costs should be listed and subtracted from the total cost of reimbursement. It’s also important to include a signature line for approval and contact information for the person requesting reimbursement.

They Let You Track Expenses Over Time

Notice the expense types that appear in the Code fields of the Context Field Values region. For each flexfield used in Internet Expenses, you must enter a Window Prompt value in the Name column of the Expense Types sheet. This value must exactly match the Window Prompt values defined in the Segments Summary window. Define your context–sensitive and global flexfields in the Expense Types sheet of the Microsoft Excel template. Once defined, the flexfields appear in the Additional Information region of the Expense Report sheet. To remove a receipt currency or expense type from a row, you can either delete the value or enter a value of 1. To add an expense type, insert a new row and enter the name of the expense type exactly as it appears in the Payables Expense Report Templates window.

A monthly expense report details company outlays paid over the course of a given month. These reports are typically organized by category, or payee, and can be tremendously helpful for companies to coordinate planning, budgeting, and resourcing requirements. Use this detailed travel expense report template to keep track of business trip expenditures. The template includes mileage tracking, other transportation costs, lodging, meals, and more. There is also space to list miscellaneous expenses that may not fit in the other categories.

Many are cumulative and show total spending for a company or department over a certain period of time . Expense reports also help employees who need to be reimbursed for approved business expenditures. If your employees make frequent business expenses, then giving every single expense its own line would be impractical. You may be better off using a template that allows an employee to document a combination of different expenses in one day on one line. Use this money manager template as a combined expense tracker and budget planner. Record the details of each transaction, including the account type, category, and date. ClickTime’s Expense Tracking provides the perfect balance between a swift reimbursement process and proper, detailed reporting.

Therefore, expense reports help you to itemize expenses by the tax category. This fast tracks your taxes as there are certain expense categories on which deductions can be claimed by you as a business. The Expense Reports are typically used by the employees of the company to report various business expenses incurred by them out of their pockets. Businesses use other types of expense reports to track different categories of spending, including overhead like salaries and rent.

Author: Edward Mendlowitz