Expense Report Receipt Limit
Posted by web2expense on July 1, 2008
In Web2Expense expense policies determines the limit the for the employees to submit their expense receipts However, you should not set this limit above the limit that is required by tax laws. In the US this limit is set by IRS and published in Publication 463. This limit is set to $75 and it is the maximum. Therefore, in your travel expense policy document you cannot set a higher limit.
General practice in the industry to set the limit to $25. Once again your CPA or accounting department is best to make that judgement call.
In Web2Expense to set this limit go to Account Management menu. You have to login as an administrator to have access to this menu.
If you would like to set a limit for an existing expense report policy select the policy you would like to modify.
In the expense policy document you can easily identify the receipt limit field. Once you set that field to a certain amount the system will require the employees to submit a receipt for all the expenses above that limit.
If you have any questions about this or any other functionality of Web2Expense leave us a comment on this blog or contact us directly.
