What are the most important details to include in an expense report?

Including the purpose and date of your trip or activity in your expense report is crucial for both you and your employer. By providing context for your expenses, you enable your employer to understand the reason behind the expenditure and verify that it is a legitimate business expense. This information also helps you keep track of your expenses and categorize them accurately, ensuring that personal and business expenses are not mixed. Again, stating the purpose and date may help your employer's accounting team to quickly identify the nature of the expense and allocate it to the appropriate budget or project.

Receipts and invoices for each expense bring claimed are the support your report needs to be accurate and valid. They serve as concrete evidence of your spending, and their details should match the amounts and descriptions entered in your report. They are also very important for audit or verification purposes. It's crucial to ensure that the receipts and invoices are legible, complete, and contain all necessary details, such as date, vendor, and item information. This helps prevent errors, discrepancies, or disputes, and demonstrates your commitment to transparency and accountability. Clear and accurate receipts and invoices confidently support your expense claims and facilitate a smooth reimbursement process.

Approval gives legitimacy to your reimbursement claims. By following your organization's policy and obtaining the necessary approvals, you can ensure that your report is completed and compliant with your company's policies. I also advocate that you should keep a copy of your report and receipts for your records, whenever it is possible. This allows you to track the status of your report and reimbursement and follow up on any queries or issues that may arise. This proactive act demonstrates your responsibility to assist your accounting department to ensure that your reimbursement is rightly captured and on time too.

Occasionally, receipts and invoices may not be available to support reimbursement claims. Accountants understand that this can happen. When unable to provide receipts or invoices, clearly explain the circumstances in a note or email to the approval officer. Provide essential details such as the date, location, and purpose of the expense, as well as the amount in your note to help the approval officer understand the context and make an informed decision. By providing a detailed explanation and seeking approval, you demonstrate transparency and accountability. A good expense report is not an end in itself. Providing thorough details and supporting documentation helps your accounting department and organization accurately capture the expense.