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Veredal
Occasional Member - Level 1

Expense Pay Best Practice

Hi!

 

We are currently using Concur travel and expense and we are about to implement Expense Pay.

Netsuite is the accounting system and we are using the Concur connector to post expense reports to Netsuite, each expense report in Concur is translated to a bill in Netsuite and payment is done via Netsuite.

 

I was wondering what is the best practice when using Expense Pay - obviously, we no longer need to create bills against expense report so how should we record the expenses in the accounting system?

 

Thanks! 

2 REPLIES 2
tyonci
Occasional Member - Level 2

Hi, we use Concur T&E with ExpensePay too, but our accounting system is Agresso. We don't have a connector. We have company paid credit cards and cash direct deposit in our ExpensePay setup. It's kind of long. Hopefully, it helps, but feel free to email me if you have questions!

 

I have an audit rule in place to check to make sure the employee has a direct deposit account set up in their profile if their expense report requires a cash reimbursement. The report will not submit until they provide this information. They must also give authorization for ExpensePay (Bambora) to deposit the reimbursement into their bank account. Doing this check on the frontend helps to tighten controls and reduces reconciliation headaches on the backend.

 

After manager's approval of the expense reports, the expenses are automatically placed into either a credit card batch or a cash direct deposit batch in ExpensePay. Both credit card & direct deposit expenses are extracted weekly on a single report (AP/GL Extract report). We (Accounting) review/approve this extract report. After approval, I release the 2 batches in ExpensePay. The withdrawal from the company's bank account will happen about 2 business days after batch release. Payment to the credit card and direct deposit to staff happens the next business day after withdrawal. So using us as an example, we release the batch on Tuesday, Bambora withdraws from our checking account on Thursday, Bambora pays credit card & staff on Friday.

 

The extract report is then used to upload each expense line item into Agresso - debit expense, credit cash, on the date of the withdrawal. The credit portion of the entry is divided into 2 lines - one for the credit card payment, one for cash direct deposit. This makes it easy quickly ID and match during month-end bank rec.   

 

We have a storage folder for our annual audits were we keep all the documentation for each batch week.

1. AP/GL Extract Report

2. Excel print out of "Monitor Batches>View Batches" tab

3. Excel print out of "Monitor Batches > Extract Reconciliation" tab

Arntzie
Routine Member - Level 2

Hi:  We are getting ready to implement Concur Pay.  I have a few questions regarding your comment "They must also give authorization for ExpensePay (Bambora) to deposit the reimbursement into their bank account. Doing this check on the frontend helps to tighten controls and reduces reconciliation headaches on the backend."  Is this a seperate process? 

 

I was also wondering about "releasing" the batches.  Is it a company requirement that you handle this way?  Or is releasing the batch a process that must be done? 

 

I planned to implement that audit rule you mentioned.  Any other tips, tricks, 'new' processes with Concur Pay I should be aware of?