Businesses function on completing successful projects. These projects are often complex and involve a variety of activities. Employees need to tackle the projects effectively if they are to help the business prosper and keep it functioning. Sometimes employees need to spend from their own pockets for the project that is for the company. This amount is often reimbursed to the employee.
The details of the expenses connected with the project need to be communicated to the employer so that they can know where they need to pay the employee. A project expense report can help here.
What is a Project Expense Report?
This is a log of expenditures that are incurred whilst carrying out project work. The employee will track reimbursable expenses. These reports can be produced weekly, bimonthly, or even monthly. This depends on the accounting needs. Apart from tracking which costs need to be reimbursed, this report gives employers a method to track tax-deductible business costs.
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What does a Project Expense Report do?
The report can track travel along with non-travel expenses that an employee has incurred regarding a project that they are doing for their company. It will state the reimbursable expenses that the employee has on behalf of the project.
The report will be able to track your business’s spending. The employee can attach receipts to this expense report so that the owner can review them for accuracy. The employer can then use the report to see where you have spent money for the project so that they can pay this to the employee.
Key information is compulsory to add
If you need to submit this report, you can add all the important details for proper reimbursement to occur. The following points can be considered here:
Select application
You will have to choose which application to use that will help you create tables and make calculations. Microsoft Excel can help you out here. The document should have a heading like “Project Expense Report”.
Details about the employee
You can add information about the employee so that the employer can know about this. The details will include the employee’s name, designation, department, contact information, etc.
Details about project
The employer will have to know about the project so that they can verify if the expenses are related to it. Therefore include the name of the project. The date of the project can be stated and its purpose as well.
Expense information
The details about the expense need to be stated. You will tell what the expense is and state its amount clearly. You can give the date that every item was brought and also the details of the vendor you brought it from. Here you can state the name of the company or individual to whom the payment occurred by the employee.
There can be an expense category that lists which category the expense was for. This should be present for all the expenses that have been incurred for the project that are reimbursable. Enter the payment method that the employee utilized to pay for the particular expense. You should include receipts so that there can be evidence of the expense.
It is important to follow any company policies concerning expenses like limits of some categories of expenses, etc. When you are including the costs of the expense, make sure you include them with tax. The total can be present at the bottom of the table.
Signature
The employee needs to sign the report so that it can be valid.
Work-connected expenditures
This report will aid in tracking work-connected expenditures. When there is an accurate expense report system in place, the employer will be able to accurately and also efficiently reimburse employees specifically for the right amount. This report can do this.
The business will be able to remain organized around expenses and see where extra expenses are occurring and where they can be cut. The report will make sure the employees get adequately reimbursed and in a timely way. Expense reports will allow there to be a record of what goods and services the employees purchase for the project. This can allow business owners to track their expenditures.
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