Expense Reimbursement Form FAQs
1) What is the purpose of an expense reimbursement form?
An expense reimbursement form is a document that an employee uses to report out-of-pocket expenses related to their work and request reimbursement. These forms allow accounting teams to confirm the amount owed to the employee, usually using receipts submitted with the forms. Expense reimbursement forms make it easy for employees to make business-related purchases and get reimbursed in a timely manner.
2) How can I create an expense reimbursement form that captures all the required information?
The easiest and quickest way to create an expense reimbursement form that captures all the required information is to use a template! This free expense reimbursement form template from Jotform contains all the information that an accounting department will need to process a reimbursement: name, department, email, manager, etc. It also provides fields to fill in the expense details, including purchase date, item description, and cost, as well as the overall total. This template helps ensure you get the information you need to process reimbursements quickly.
3) How do I reimburse myself for expenses?
To reimburse yourself for business expenses, you need to keep a clear record of the purchases you made and why they were necessary for your business. Filling out an expense reimbursement form and keeping it on file with the relevant receipts will help you when it comes time to do your taxes. You may want to ask your accountant whether you’ll need to write a check to yourself from your business in order to complete the reimbursement process and maintain a proper record of it.
4) How long should I keep expense records for?
You may need to access these records for tax, accounting, or budgeting purposes later on, so it’s best to keep them for at least three years and potentially for up to seven years.
5) How can I get a copy of the expense reimbursement form template?
You can access the expense reimbursement form template for free from Jotform’s template library. Simply navigate to the form, click Use Template, and you’re ready to customize and share it. It’s that easy.
6) What supporting documents should be included with the expense reimbursement form?
Typically, accounting departments require receipts for every expense on a reimbursement form. This not only helps them confirm that you actually spent what you’ve reported (to prevent fraud), but it also aids in tax compliance in case the IRS audits the company.
Another document you may need to attach to the form is an invoice if, for example, you covered the expenses for a service that another vendor provided to your company. The invoice outlines the details of the service provided and confirms that it was a business expense.
7) Are there any specific guidelines about the types of expenses that are eligible for reimbursement?
Every company has its own guidelines and policies regarding the types of expenses that are eligible for reimbursement. Typically, these will be expenses that specifically relate to business services, off-sites, or events. For example, if an employee purchased a meal while on a business trip, the cost of the meal would be eligible for reimbursement. Also, services that directly benefit the company, such as advertising services, are reimbursable.
Some employee expenses (such as the cost of public transportation for commuting to work) are generally not reimbursable, unless company policy specifically states that they are.
8) What is the typical turnaround time for processing and approving expense reimbursements?
While this depends on the company, most businesses process reimbursements within one pay cycle. Most employees will receive their reimbursements within one or two weeks of submitting an expense reimbursement form, but they may need to wait as long as a month.
9) How can I track the status of my expense reimbursement request once I've submitted the form?
You can ask your accounting department how best to track the status of your reimbursement. Usually, this is as simple as emailing the accounting team to have them confirm when the reimbursement will arrive. Some companies may have digital tracking systems that allow you to monitor the progress of your reimbursement online.
