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Expense Level Option - Prepaid Expense

AnaquaKPAnaquaKP Expensify Customer Posts: 18 Expensify Newcomer

I think a great addition to Expensify would be to add an additional checkbox (like billable/reimbursable) on the expense level for expenses that are prepayments, for example, a yearly software subscription. If they click the check box, another option for start and end dates pops up.


Right now, I ask my users to include the dates of their subscriptions in the description in case it is something that should be amortized. Often times they'll forget/won't include the dates so I'm stuck emailing the user or Googling the services to see if these are expenses/prepaids. Having the button on the expense level would be super helpful because it would be another reminder and the user puts in the date, so it will help improve accuracy.

2 votes

Understanding the Issue · Last Updated

Comments

  • Leslie RodriguezLeslie Rodriguez Expensify Customer, Expensify Team Posts: 38 Expensify Team
    edited August 31

    @AnaquaKP Ah! Interesting suggestion! Out of curiosity, does your accounting package have a category for Prepaid or Amortized goods/services? Your employees could code items to those categories, thereby allowing you to amortize as needed in your books. Just an idea!

  • AnaquaKPAnaquaKP Expensify Customer Posts: 18 Expensify Newcomer
    edited August 31

    Hi @Leslie Rodriguez! We use NetSuite, so I don't know what the integration with other GL systems would be, but I think the integration with NS would be pretty simple. Since NS allows any expense categories to be deferred to a prepaid account just by selecting a schedule on the bill/journal/expense report line, once the schedule runs based on the provided dates, the expense will be pulled out the deferred account to hit the correct expense account. We don't have a prepaid expense category because any of our expenses could potentially be prepaid so we use the previously described process. If the employee selects the start and end dates for us, those could be fed directly into the system without anyone needing to jump in to make sure we're not expensing anything that should be deferred.

  • Leslie RodriguezLeslie Rodriguez Expensify Customer, Expensify Team Posts: 38 Expensify Team

    @AnaquaKP Oh I see! I am familiar with the amortization scheduled offered through NetSuite. I think for this idea to really take root, it would have to be only applicable to NetSuite users, as our other integrations (Xero, QuickBooks, and Intacct) do not offer such a robust amortization feature. Either way, I still think this is a solid idea for our NetSuite customers. Leaving you an up vote!

  • AnaquaKPAnaquaKP Expensify Customer Posts: 18 Expensify Newcomer

    Thanks for the insight @Leslie Rodriguez! I think at the least, offering the additional data fields might be helpful when looking back through expense reports. Since it wouldn't really take much more time for the user to add the information, I think it would be a huge value add for companies with substantial prepaids!


    Thanks for the upvote! 😊

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