Expense Reimbursement Report Template

The expense reimbursement report template will help you to keep track of all your expense reimbursements. The expense reimbursement report is an important tool in your accounting toolkit, along with travel expense reports and other report templates. Using this form will help your employees to save time and get you the reimbursements you deserve.

The Framestr expense report template is ideal for helping you to create detailed expense reports. The expense report form is easy to adjust to fit your needs and allows you to store your most important information securely and confidentially. You’ll never want to switch to another expenses forms template.

Crafting Expense Report Policy

One of the key components of a proper reimbursement form template is the policy behind it. Having the right policy will allow you to cover your bases and to make sure that your financial information is organized. Here are a few tips on how to develop an effective policy.

• Easy To Understand Guidelines: Your employees need to understand what you will and will not reimburse. This information must be clear and simply stated, so there’s no confusion. If you’re reimbursing gas, state clearly the mileage you’re willing to cover and at what price per mile. This will allow your employees to use the proper discretion when creating expenses, such as travel.

  It’s also a good idea to let your employees know the consequences if they do not abide by this policy. Any warnings should be clearly stated to discourage non-compliance.

• Timeline: The timeline is key to manage to ingoing and outgoing flow of cash from your accounting department. Without this policy in place your employees may wait long periods of time to collect a reimbursement, resulting in not enough funding to cover the full reimbursement along with other staff members. Create strict deadlines to give them their cash in a timely fashion.
• The Expense Reporting Procedure: This procedure is the before, during, and after of when they make expenses. The pre-approval process is there to control the flow of spending in order tonsure each purchase is within reason. Once the purchase has been approved tell your employees to keep records of all their expenses for proof. After the purchase let your employees know what their reimbursement timeline is.
• Supporting Documents: Lastly, enforcing the need of supporting documents helps to maintain good financial record keeping, thus allowing you to cover your bases in case an issue were to arise.

What to Include on the Reimbursement Form Templates

Every organizations expense report can differ depending on their needs of operation, but there are some subheadings which every organization should include to easily track expenses and reimbursements.

• Date of purchase
• Items bought
• Total cost of purchase
• Subtraction of advances
• Amount to be reimbursed

The form you create should include these five items so you can keep track and process reimbursements in a timely manner.

Tips for Developing an Effective Reimbursement Form Template

Tip #1: Allow plenty of room to write.

Depending on what was purchased, an expense reimbursement report can be lengthy or short depending on what was purchased. Don’t create a small word limit, so that your employees can put in as much detail about their purchases as needed.

Tip #2: Separate by categories.

When you separate your reimbursement form by categories it makes it both easier for your respondent and your accountants to review the form and choose the right option. This also helps to minimize the number of reimbursement forms filed for items you’re not willing to reimburse, by only allowing certain categories to be selected. Categories could be travel, employee training, meals, et cetera.

Tip #3: Include a signature line.

For an extra layer of security, add a signature line to keep your forms as authentic as possible. This will help you to prevent people taking advantage of the form and trying to scam free money from the organization.

Tip #4: And a contact line.

In case something comes up, such as confusion about the purchase or incorrect information, you’ll be able to contact the person who filed the form.

Tip #5: Train your employees to properly complete the form.

Holding a staff training to learn how to complete the expense reimbursement form will minimize incorrect filings. When a form is filed incorrectly it can slow your accounting departments productivity and make it difficult to track expenses and reimbursements. Avoid this issue by hosting a training session to teach your staff what details you want written down, where to find and submit the form, explain the reimbursement timeline, and teach them how to upload supporting documents.

When you use Framestr, you’ll be able to craft the perfect expense reimbursement report. Framestr makes it easy to adjust input fields, confidentially store information, and share your form with the whole office.

Check out Framestr’s sample Expense Reimbursement Report Template: