This Guide will provide a high-level walk-through on everything you need to do to get your company's Float account set up for Reimbursements.
Float's Reimbursements feature streamlines expense report management, providing an easy way to handle out-of-pocket expenses and mileage reports. Users can submit requests with our easy-to-use platform and can be paid out directly through your Float cash balance.
Spenders can submit multiple expenses within one report, attach receipts, and submit them for approval. Administrators can easily approve reports, schedule direct payouts, and export reports directly into your accounting software.
How do Reimbursements work?
- Create a Report, Add Expenses, Submit for Approval: Create reports and add expenses directly in the Float mobile app or the web app (app.floatfinancial.com). Float uses advanced AI and OCR capabilities to scan receipts and automatically enter data (i.e., amount, tax amount, vendor) into your report
- Approve Requests: Set custom approval workflows so reimbursement reports are approved by the right people in your organization. You can use multi-level dynamic approvals and set up multiple types of approval policies for different teams
- Payout Users Directly: Easily schedule direct payouts in CAD and USD to users with connected personal bank accounts in Float
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Accounting Software Integration for Exporting: Automatically sync reimbursement reports directly to QBO, Xero, NetSuite, and Microsoft Dynamics, or export a CSV to import directly into your accounting software. GL codes, Tax codes, and more are mapped to your Chart of Accounts in Float to be easily applied and synced
Enabling Reimbursements
Reimbursements must be enabled within your Reimbursements Settings for Spenders to be able to submit Reimbursements reports.
Configuring Mileage Rates
Mileage Rates need to be enabled for users to request a reimbursement for business-related travel in a personal vehicle.
Configuring Mileage Rates for Reimbursements
Configuring Direct Payouts
Direct Payouts allow you to reimburse your employees directly to their bank accounts. Direct Payouts must be enabled and have a Clearing account configured. Direct Payouts are made from your Float CAD or USD cash balance.
Configuring Direct Payouts for Reimbursements
Reimbursements Policies
Reimbursements Policies allow users to manage Reimbursements approval workflows and submission requirements. You need to configure Reimbursement Approval and Submission Poliies to ensure that reports are routed and processed according to your business needs.
Reimbursements Policies Overview
Exporting Reimbursements
Reimbursement reports can be exported directly to your accounting software from Float once your accounting integration is set up. We support direct integrations with QuickBooks Online, Xero, and NetSuite.