July 3, 2021

What is an expense report?

By 0nl1nedutty

An expense report reflects expenses for a business, department, project or employee daftar judi slot. These reports may account for specific expenses incurred on an individual basis, or aggregate spending over a set period of time by category, payee, or other factors.

Expense reports allow business owners and managers to track cash outlays, which is critical to assessing the financial health of the business, identifying efficiencies, and measuring and increasing profits bandar judi slot. Expense reports also help employees who need to be reimbursed for approved business expenditures.

What is included in an expense report?
Expense reports come in various forms. Many are cumulative and show total spending for a company or department over a certain period of time (a month, quarter or year, for example).

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Expense reports can also be more specific and document individual expenses for a particular employee or project. These reports include:

The date the expense was paid
The payee or vendor the money went to
Whether the expense is allocable to a specific client or project
The total amount paid, including taxes, commissions and fees
The category or type of expense
In addition to these cursory details, reports may include notes about either the total amount paid or specific items, such as why the cost was incurred or any additional anticipated costs related to the same client or project.

Key takeaway: Key components of an expense report include the date expenses were paid, who the money went to, how much was specifically spent and the type of expense it was.