An expense report is mainly used for recording different expenses related to business like travel expenses such as transportation costs, food, lodging expenses and conference related fees. The major purpose of this expense report is that it can be used to properly document or record any business expense which the employer needs to reimburse the organization later.
This report can prove to be an excellent tool for any business as it gives an accurate and efficient record of all business related costs and expenses. The expense report can make the process of budget planning and tax reporting easier. Filing taxes and completing audit reports can become less messy if all the expenses and reimbursement details are summarized in one report. Furthermore, this report ensures that the money is being spent wisely by the management as it is an asset of the organization and needs to be spent well and wisely.
The length and the complexity of this report depend on the needs and types of expenditures of the business. Mainly, this report contains the expenses in list form along with the description of each item. It may be categorized into different categories based on mileage, employees, costs or reimbursement period, etc. The standard basic format of this report should be in tabular form starting from the subtotal of the expenses on top. The table should have at least six columns, can be increased based on the complexity of the business.
The first column should describe the date of payment, second the mode of payment, Third should refer to the person to whom it is paid, it may include the employee’s name or ID depends upon the trend that is followed in the company. The fourth column will have the detailed description of the expenses. The fifth column should show the cost of the expenses and the sixth one will have the subtotal of these expenses after any additions or subtractions of taxes or advance payments. It is important to add a line for the signature of the employee for future reference and making sure that he agrees to the report.
Expense Report Template
File Format: MS Excel 2003+
File Size: 64 KB | Download