There are many events that take place in a company that incur expenses. For better accountability of the revenue used in an organization, it is advisable to have an expense report that can be referred to for confirming the correct handling of funds in the organization.
An expense report records the what, where, who, when, why and how the company funds are expended. This information allows the auditor to trace the movement of funds to avoid money laundering from the company and upholding the integrity of the company.
Some companies require very detailed expense report to track the outflow of money while others suffice with simple expense reports. An expense report will also display the total expenses incurred by the company in a week or month, depending on the requirement of the auditor.
The expense report can also store and track the amount expended by any category of a week or month by any employee or department. It is up to the company to determine the objective of the expense report required of its employees or department.
An expense report template may contain the following pieces of information:
* Employee Name & Identification number
* Department & Title
* Extension Contact number
* Email address
* No. of Item
* Amount of item
* Hotel expense
* Fuel expense
* Meals expense
* Phone expense
* Entertainment expense
* Pay period
* Approved by
Consider the attached sample template for your convenience.