Float's Reimbursements feature streamlines expense report management, providing an easy way to handle out-of-pocket expenses and mileage reports. This article will help you quickly get set up for reimbursements.
Configuring Reimbursements
-
Enable Reimbursements: Navigate to Settings > Reimbursement Settings and Enable Reimbursements.
-
Mileage: Once reimbursements are enabled for your account, you can also enable mileage as an expense type and set up rates. See: Configuring Mileage for Reimbursements
Configuring Reimbursement Approval Policies
-
Approval Policies: Navigate to the Approval Policies section in your settings to set custom approval workflows based on your team's needs. Policies can include multiple approval levels based on reimbursement amounts. See: Reimbursement Policies
Note: Multiple approval policies are available to pro plan and enterprise users accounts.
Configuring Your Reimbursement Submission Policy
-
Submission Policy: Navigate to the Submission Policies section in your settings to adjust your custom submission policy based on your accounting needs.
For more information on this, refer to this article on configuring your out-of-pocket submission policy.
Reviewing Reports and Managing Payments
-
Reviewing Reports: Once a report has gone through the approval flow, the report will now need to be reviewed in the Ready to Review tab.
If the report looks good, click the Reviewed button! If not, decline the report and leave a comment.
-
Scheduling Payments: When a report is reviewed, it is routed to the Unpaid tab for payment scheduling. Use batch payments to process multiple reimbursements at once.
-
Authorizing Funds Release: When a payment has been scheduled, an admin is required to authorize these funds for release. This is meant to act as an added level of security.
-
Mark as Paid/Unpaid: You can also change the status of reimbursement reports by marking it as Paid if the payment of the report is being actioned externally. You can revert this by marking the report as Unpaid from the Payments or All Reports tab.
Did a payment fail? Refer to the following articles for troubleshooting steps!
Reimbursements - Handling NSF (Not Sufficient Funds)
Reimbursements - Handling Bounced Report Payments
Exporting for Accounting
-
Accounting Integrations: Reports export directly to the supported accounting software integrations once reviewed. Alternatively, use CSV exports to manually manage reimbursements in non-supported accounting software.
For more information on reimbursement accounting, refer to this article on Exporting Reimbursements for Accounting.
Requesting a Reimbursement (POV)
-
Create a Report: Click “Request Spend” followed by “Request Reimbursement”, then name your report, select your team and approval policy.
-
Out-of-pocket expense: By default, reports are set as out-of-pocket expenses. Simply upload your receipt for OCR to do the work for you! Or click Create Expense to input the required details.
-
Mileage Expense: When a report has been created, you can adjust the expense type to Mileage. This will update the reports fields.
-
Additional Expenses: Use the + Add expense button, to apply new expenses to your report. You can have both Mileage and Out-of-Pocket expenses in a single report.
Refer to the following article for more information on Requesting a Reimbursement.
Comments
0 comments
Article is closed for comments.