Expense Approval (if applicable)

Expense Approval

Expense approval workflows help maintain control over business spending and ensure proper authorization for expenses in EquiBillBook. This guide explains how expense approval works and how to use it effectively.

What is Expense Approval?

Expense approval is a process where expenses need to be reviewed and approved by authorized personnel before they are finalized or paid. This helps businesses maintain spending controls, prevent unauthorized expenses, and ensure compliance with company policies.

Understanding Approval Workflows

Expense approval workflows typically involve:

• Submission: Expenses are created and submitted by users
• Review: Authorized approvers review the expense details
• Approval/Rejection: Approvers either approve or reject the expense
• Status Tracking: Track the approval status of each expense

Expense Approval Status

Expenses can have different approval statuses:

• Pending: Expense is submitted and awaiting approval
• Approved: Expense has been approved by the authorized person
• Rejected: Expense has been rejected (may include rejection reason)
• Draft: Expense is saved but not yet submitted for approval

Submitting Expenses for Approval

When creating an expense that requires approval:

1. Create the expense record with all required details
2. Attach necessary supporting documents (receipts, invoices)
3. Add clear descriptions and notes
4. Click "Submit for Approval" or "Save and Submit"
5. The expense status changes to "Pending"
6. Approvers will be notified (if notification system is configured)

Approving Expenses

If you are an approver:

1. Navigate to expenses pending approval (may be in a separate section or filtered view)
2. Review the expense details:
   • Check the amount and calculations
   • Review attached documents
   • Verify the expense category and account
   • Check if the expense complies with company policies
3. Take action:
   • Approve: Click "Approve" to approve the expense
   • Reject: Click "Reject" and provide a reason if rejecting
   • Request More Information: If needed, request additional details

Rejecting Expenses

When rejecting an expense:

• Select the expense to reject
• Click "Reject" or "Decline"
• Provide a clear reason for rejection (required)
• The expense creator will be notified of the rejection
• The expense status changes to "Rejected"
• Creator can modify and resubmit if needed

Approval Levels

Some businesses may have multi-level approval:

• Single Level: One approver reviews and approves
• Multi-Level: Multiple approvers review in sequence (e.g., Manager → Finance → CFO)
• Amount-Based: Different approval levels based on expense amount
• Category-Based: Different approvers for different expense categories

Approval Configuration

Approval workflows may be configured in system settings:

• Enable/disable expense approval requirement
• Set approval thresholds (amounts requiring approval)
• Configure approvers for different categories or amounts
• Set up notification preferences
• Define approval workflows and levels

Viewing Approval Status

To check approval status:

• View expenses in the expense list - status is usually displayed
• Filter expenses by approval status (Pending, Approved, Rejected)
• Check approval history and comments if available
• View who approved/rejected and when

Best Practices

• Submit complete information: Include all details and documents when submitting
• Review before submitting: Double-check amounts and details before submitting
• Approve promptly: Review and approve/reject expenses in a timely manner
• Provide feedback: Include clear reasons when rejecting expenses
• Follow policies: Ensure expenses comply with company policies
• Document properly: Maintain clear documentation for approvals
• Communicate: Keep expense creators informed about approval status

Expense Approval Reports

Generate reports to track:

• Pending approvals
• Approved expenses by period
• Rejected expenses and reasons
• Approval turnaround times
• Expenses by approver

Note

Expense approval functionality may vary based on your EquiBillBook configuration. Some features mentioned here may need to be configured or may not be available in all versions. Check with your system administrator about approval workflows and settings available in your system.

Next Steps

After understanding expense approval:

• Configure approval workflows if you're an administrator
• Submit expenses for approval when required
• Review and process pending approvals
• Generate approval reports for monitoring
• Establish clear approval policies for your business