We have Concur Expense connected to Quickbooks through the Quickbooks Web Connector and are unsure what the best setting and timing is regarding when to have employees submit reports so that it posts in the correct period relative to US GAAP standards.
To comply with GAAP, we need expenses to be posted in our GL in the same period in which they were incurred. So April expenses post in April, May expenses post in May, etc.
There are 3 options for the expense report post date with the Quickbooks Web Connector: Batch Close Date, Report Created Date, and Report Submit Date. I'm running into issues with each of these, so am curious how other users are handing this. I've walked through some scenarios below:
Batch Close Date: to get all April expenses posted in April, we would need the batch to be closed by 4/30. This means that if an employee incurs an expense on 4/30, they would need to add it to their report, submit, get approved, and processed, before EOD 4/30.
Report Created Date: to get all April expenses posted in April, an employee would need to open their report anytime within April - this may work. However, if the employee waits until 5/1 to begin their report, then there is not way to adjust this date and all expenses would post in May.
(Note: one recommendation from our coach was to enable the Expense Assistant, which would set up a new report after the last one was submitted, however this only works if you are using the credit card feed, but we do not have corporate credit cards so cannot require this.)
Report Submit Date: similar to the first option, this could pose an issue if the employee incurs an expense on the last day of the month. They would have to wait until the end of the day and then make sure they get everything submitted by EOD 4/30. Similarly to the second option, if they are late, then we would have no way to adjust this.
None of these options are ideal, so any guidance would be greatly appreciated!
