A typical expense report processing cycle consists of the following steps:
The employee creates an expense report to record all the expense transactions, such as hotel, taxi, airfare, meals, and so on. If any cash advances were taken, they are associated with the expense report.
An expense report is submitted for approval and is routed through as many approval levels as needed. The approval rules can be configured based on an organization's policies. If expense report details are found to be satisfactory, it is approved by one or more relevant approvers.
The employee submits the receipts for all valid business expenses.
The expense department verifies the receipts and marks the expense report accordingly.
The expense reports are posted and accounting entries are created to recognize a liability for future payment due to the employee.
Once all the approvals are in place and receipts are verified, the expense report is staged for payment. The payment can be made through...