Managing Expense Approvals

Start using Decisions to manage business expense approvals to create clear history logs of decisions around spending and minimize busy work for accountants.

1. Setup
2. Create Processes
3. Submitting & Approving Requests
4. Accounting 

Setup

If you haven't already, create a Legal Entity in Way2B1 Settings for the entity that serves as the source of funds, e.g. company, trust, or individual.

You may also want to add the Accounting Categories that are used in your general ledger, e.g. reimbursable, travel, etc. If you aren't sure, you can skip this step and add them at a later time.

Create Processes

Using the Process Builder, create an approval process that reflects the chain of command for approving expenses. Keep in mind the differences between the types of approval workflows: requests and accounting transactions. You may want to route them through different processes. 

Most travel & entertainment or de minimis expense policies don't require the employee to request approval prior to incurring the expense. If this is the case, and employees will only be submitting for approval of expenses they have already incurred, you would create a process that applies to "All Accounting Types". If you require employees to obtain approval in advance of making purchases, you would create a process that applies to "All Request Types". You can also create processes for both types and even create distinct processes for specific types of expenditures.

It helps to visualize how your current business expense process works. 

In this example, the process requires two approvals - one from a manager, and then from an accountant.

Submitting & Approving Requests

Once a process has been created, employees can submit items for approval. As long as the employee creates submissions that match

• Employees can keep track of their pending Decisions under Created by Me on the Decisions homepage.
• Anyone who is required on an approval process will be notified when the Decision reaches their Queue.

Accounting

You may need to export the accounting transactions to your general ledger software to issue reimbursements to the employee.

• Approved accounting transactions can be marked as Paid
• Approved spending requests can be logged in the Accounting tab