There are many business activities that require transportation of the people, inventory and machinery. These include client meetings, delivery services, pick-ups, drop-offs, etc. As this is an expense, a business records the mileage of the vehicle used to calculate the expense cost. The details of the mileage that is associated with a vehicle driven by an employee or a hired person are necessary to maintain for expense calculations.
A mileage and expense report is, therefore, often used by the companies to maintain the details of this particular expense. In addition, a company might have a number of vehicles or the number of drivers, having different mileages and reimbursements requests. Maintaining all these details might become tedious especially in the case of manual record-keeping. This spreadsheet of Excel proves quite effective in such a scenario to keep the data updated easily and efficiently.
What is a Mileage & Expense Report template?
The mileage & expense report template is an MS Excel spreadsheet that keeps a record as well as helps in keeping a track of the details of the vehicle used for the transportation activities of the business. Usually, in a single file, different sheets are maintained by the companies for different vehicles driven by the employees. The reasons may be two-fold.
- The reimbursements and per mile payments may vary depending on the type of the vehicle.
- The purpose, the vehicle is being used for, may determine the per mile payments.
The template is easily available to be downloaded and customized. It serves the need of almost every company as the company can update the fields as per their requirements. This is why it is widely used for maintaining the records of the vehicle used for business-related transportation of any sort.
The template records various details such as:
- Employee name.
- Employee ID.
- Vehicle description.
- Name of the authorized person who has allotted the vehicle.
- Rate per mile.
- The time period of the expense.
- Total mileage for the period.
- Total reimbursement for the period (as this is the expense cost).
In addition to the above details, the template also records the individual details of all the transport activities. For instance, generally, the individual details include:
- Date of the transport activity.
- Starting location.
- Destination
- Notes for the details (the purpose of use).
- Starting odometer reading.
- Ending odometer reading.
- Mileage for the activity.
- Reimbursement
The template has inbuilt formulas and is pre-designed to suit the maintenance of recording and tracking of this expense of transportation.
How to use the Mileage and Expense Report template?
The template is very easy to download and use as it is readily available. Once the template is downloaded, the company can customize it without any hassle according to its requirements regarding expense maintenance. After this step has been done, it is ready to use.
The employee name, his ID, the vehicle description, name of the person who has allowed that employee to use the vehicle and rate per mile are updated in the required fields. After this, as the business activities commence, each activity is individually recorded with all the details that include the date of the activity, starting location, the destination, purpose of the transportation, starting reading of odometer and ending reading of odometer are recorded.
After this, the main job of data entry is done. As after that, the mileage, reimbursements, total mileage, total reimbursements and the time period are automatically calculated with the inbuilt formulas.
As the template presents detailed information as well as an overview of a vehicle’s expense for a period, this is a very useful template. The company can utilize the information for the financial analysis and the controlling of vehicle specific transport expenses. It might even indicate the maintenance requirements, for instance, if a vehicle’s mileage is not good. In addition, different charts and graphs can be generated easily through this template to analyze vehicle’s transport expenses. This template and the generated graphs can be printed to study patterns and trends for cost-effectiveness.
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[For Excel: xlsx & Polaris Office] [Size: 335 KB]
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[OpenDocument Spreadsheet .ods] [Size: 84 KB]
Benefits of the template
There are numerous benefits of using this template such as:
- It can easily be downloaded, customized, updated and used.
- It saves time and effort of the companies.
- It can easily record and track the particular expense of transportation associated with the individual vehicles.
- The inbuilt formulas lessen the pain of calculations and minimize the probability of errors of manual calculations.
- It presents detailed as well as an overall picture of an individual vehicle’s transport expense.
- As it records the purpose of the vehicle use, the misuse by the employee can be avoided.
- The total mileage calculated automatically by the template, using the individual mileages, may direct toward the maintenance requirements of the vehicle.
- It makes the handling of reimbursement requests easy.
- Graphs and charts can be generated for financial analysis purposes.
- The graphs, as well as the template sheets, can be easily printed for the discussion and analysis purposes.
The template, with its associated benefits, relieves the accounting department with respect to the maintaining of the expense records of the vehicles’ transportation. This is why many companies opt for this template for record-keeping of this specific expense.
We hope that this detailed article along with the template will make your record-keeping easy. We hope that the template will help you maintain all the required details and calculate the total expense. Please let us know if you have any questions regarding the template. Also, please write to us and provide us with your feedback. Thank you!