Steps For Preparing Expense Reports in Hotels | Resorts:
Purpose of Expense Reports:
Preparing expense reports is a crucial task in finance and accounting, as it helps to maintain accurate records of expenses and ensures that the company’s financial statements are up-to-date and error-free.
The first step in preparing an expense report is to gather all of the relevant receipts, invoices and other documentation related to the expenses incurred. These should be organized in a logical manner, such as by date or category, to make it easier to input the data into the accounting system.
Next, the expense report should be created within the company’s accounting software, or using a spreadsheet program such as Microsoft Excel. The report should include all of the relevant details about the expenses, such as the date, description, amount, and category. It is important to ensure that all expenses are correctly categorized, as this will help to provide an accurate picture of the company’s spending habits.
Once the expense report has been completed, it should be reviewed and approved by the appropriate person within the organization, such as a manager or supervisor. This helps to ensure that the expenses are reasonable and necessary and that they comply with company policies and procedures.
Overall, preparing expense reports is an important task that requires attention to detail and accuracy. By following the proper procedures and guidelines, finance and accounting professionals can help to ensure that the company’s financial statements are accurate and reliable.
Expense Report SOP Procedures:
1. The approved Expense Report is to be used and completed. All Expense Reports must be submitted the following week of the expense.
2. Original receipts should be attached for each expense.
3. Any outstanding cash advances should be deducted from the total of the Expense Report. If there is a balance due to the hotel, it should be paid back to the hotel at the time of the expense report submission.
4. The individual should sign the Report and submit it for approval.
5. The General Manager will approve the Expense Report and then submit it to Accounts Payable for payment.
6. The Accounts Payable Clerk will cut the check in the next check run. Under no circumstances should manual checks or Petty Cash be used to reimburse the individual.
7. Mileage will be reimbursed according to Federal guidelines. Travel to and from work will not be reimbursed.
8. General Manager Expense Reports are to be submitted to the President for approval before payment.
Training Summary Questions:
Q1. Who should approve the Expense Report?
Q2. When should the balance due to the hotel be paid back?
Q3. What guidelines will be used for mileage reimbursement?
Q4. To whom should the expense report be submitted before payment approval?
SOP Number: Finance and Accounting SOP – 32 Department: Accounts Payable Time to Train: 28 Minutes