Expense Report Template

An expense report template depicts a summary of all the itemized expenses made by a company, costumer and employee for a specific period of time. These reports are used to keep a track of all purchase transactions, the amount which is used to buy these products, and the substance that is bought. An expense report is mostly demanded by the top management and usually prepared by the front management. The purpose is clear to monitor all the expenditures of the organization including fixed, variable and the labor charges. It guides them to maintain exactly a certain amount which they will have to compensate in coming days or weeks, in order to keep production going.

Details of Expense Report

An expense report is also prepared to claim the reimbursement amount which an employee has incurred from his/her own pocket while performing his/her duties. In this report, he/she can clearly mention the amount which he/she made on the behalf of the organization by attaching original receipts or bills. However, a proper format must be used to prepare this report, which usually are provided by the management for this purpose. Anyone with little understanding of MS Word, or Excel can easily prepare this report by using approved formats of expense report. After making the report, the employee can get it printed out and personally hand it over to the authority or simply email it to them. The expense sheet is basically just the employee’s right to ask for reimbursement for the purchases they made in an ethical way.

Content of an Expense Report

To prepare an ideal expense report, the report should be made on an Excel sheet with proper headings and columns. The main things to be kept in mind when making an Excel sheet are as follows:

1. First and fore most name the report. For example: “internet expense sheet” or “kitchen expenses”.

2. Name of the company.

3. Address of the company.

4. Date on which the expense report is made.

5. Brief info about the person who made the purchase.

6. The date on which each product was purchased.

7. The name of each product.

8. Brief detail about each product.

9. Amount paid.

10. Amount of tax included in the payment.

11. Subtotal of each product.

12. Total expenditure.

13. Any additional note about any product.

How to Effectively Use an Expense Report?

Mostly, it is preferred to attach the receipts of each purchase along with the report. This way, the employee can give a subtle proof of the authenticity of their report. After adding all the important factors in the report, the employee is allowed to add or remove certain stuff according to their personal opinion. It should be remembered that the expense sheet should not have any irrelevant information other than the expenses. The expense report should be short and to the point, but informative. When the report is handed over to the authority, they expect to see the proper format, professionalism and authenticity of the report. Which is why it is important for the employee to include all these things in their report. This way they feel like they can trust the content of the expense sheet and pay the employees according to the report. This also creates a trust relationship between the manger and employees.

Templates