During operations, businesses often incur business and purchasing expenses. In some cases, businesses need to make advances to employees or suppliers to meet these expenses. Managing advances effectively is very important, helping businesses ensure the accuracy and reasonableness of expenses and avoid arising risks.
Bizzi Expense Added Advance and Advance Refund features, helping businesses easily manage advances effectively.
Advance and Refund of above advance Bizzi Expense
Bizzi Expense's Advance and Refund features include main functions
✅ Create a request with advance payment
Employees can add the amount of money to be advanced while creating spending/business requests on the system, including information: advance amount, purpose of advance, payment method, recipient. and information related to the payer such as bank, STK, Account name,...
✅ Attach costs to requests with advances
If an employee chooses to attach an expense to an advance request, the expense needs to fill in all necessary information fields. However, requests that have an advance but are attached to a pending expense report will be disabled and cannot be selected.
✅ Create spending reports for expenses with advances
Employees can choose to create reports for expenses with advances or without advances. In addition, users can only create one expense report for requests with advances.
When choosing to create a report, the system will transfer the user to the screen to create a new expense report and automatically add the expenses included in the same request to this report.
Reports can be generated from:
- New spending report creation screen
- The detailed request screen has an approved advance payment
- Cost creation/update screen
Benefits of the Advance and Refund features
Bizzi Expense's Advance and Refund features bring many benefits to businesses. This feature allows users to add advance information when creating expense/business requests. With expenses incurred later, users create an expense report associated with the initial advance request so that the accountant can record the actual expenses and the amount of money the company needs to spend more on employees or the employees need to be reimbursed based on Actual expenses compared with the advance amount.
- Save time and effort: This feature helps businesses automate the advance management process, helping employees and accountants save time and effort.
- Improve accuracy: This feature helps businesses ensure the accuracy of advances and avoid errors in the management process.
- Risk reduction: This feature helps businesses minimize risks that arise, such as employees using advances for improper purposes, or businesses not being able to recover unused advances.
Instructions for using the Advance and Refund features of Bizzi Expense
✅Create a request with advance payment
Employees can add the amount of money to be advanced while creating spending/business requests on the system, through these steps:
- Go to the Requests tab
- Create a new expense/business request
- Enter general information, work information (if any), expense estimates, etc.
- Turn on the advance
- Fill in advance information
- Check the total requested information and advance amount before clicking Submit for approval.
✅Attach costs to request with advance payment
After the advance request is approved, the employee begins to perform work or go on business trips according to the requested content and incur actual costs to the system.
- Case 1: when creating/updating costs, from the "Select request" section, the system displays all requests with and without advances, the employee can select a request corresponding to the cost. . However, requests that have an advance but are attached to a pending expense report will be disabled and cannot be selected.
If the employee chooses to attach an expense to a request with an advance, the expense needs to have all the necessary information fields filled out before saving. After saving, the system checks if the request is linked to an expense report and the system will automatically add the expense to that report.
- Case 2: from the approved request details screen, the user can select the costs to attach to the request. An expense that wants to be added to an advance request must be in a ready state.
✅Create expense reports for expenses with advances
- Case 1: from the screen to create a new expense report, employees can choose to create a report for expenses with or without advances. If you select costs with advance, the system only displays costs that meet two conditions: ready & attached to a request with advance.
From the add expense (with advance) popup, the employee selects a request that contains the expenses to report. Because only one spend report can be created for a request with an advance, all costs associated with the request must be added to the same report.
After selecting requirements and costs, the system calculates an overview, including the following parameters:
- Total costs: total amount of costs added to the report
- Paid: total advance amount previously requested + amount of fees incurred from card transactions
- Company pays extra: in case (1) – (2) >= 0 or Employee reimburses: in case (1) – (2) < 0.
- Case 2: from the request details screen with an approved advance payment:
- Add necessary expenses
- Click generate report
- The system redirects the user to the screen to create a new expense report and automatically adds all expenses included in the request to this report.
- Case 3: from the cost creation/update screen:
- Create/update cost information attached to an advance request
- Save information
- If the expense is not ready, the employee cannot save the expense
- If the expense is ready, the employee can click generate report immediately
- The system redirects the user to the screen to create a new expense report and automatically adds all expenses included in the same request to this report.
With the Advance - Refund feature, Bizzi Expense has provided businesses with an effective advance management solution, helping businesses save time, effort and minimize risks. Through that, businesses can automate the advance management process, ensure the accuracy of advances and avoid arising errors. Bizzi hopes to bring many new experiences to customers and partners who trust and use Bizzi products.
If your business is looking for an effective expense and advance management solution, Bizzi Expense is an option worth considering.
Quickly register today to experience this useful feature.
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