We use a cloud-based app to keep track of credit card spending by company cardholders. It is accessible via web browser, tablet, or mobile (iOS + Android). This process describes how purchase activity is recorded. Note: It does not include paying down the company’s credit card balance. Check out our Bill Pay service or set up automatic payments with your credit card provider. This service is for company credit cards, not debit cards and not personal credit cards.
|We link your company credit card account to download purchase activity into Expensify.||Your cardholders attach receipts to the relevant credit card transactions in Expensify. They can forward digital receipts to email@example.com (such as Amazon order confirmations, airline itineraries, or hotel folios) or upload scanned receipts.|
|We will provide you with a Company Credit Card Usage Policy TEMPLATE. You are free to modify this template to suit your company’s needs.||You are responsible for communicating your Company Credit Card Usage Policy to cardholders and, just as important, enforcing it. Company credit cardholders must submit monthly expense reports in a timely manner for recording in the proper accounting period.|
|We invite new cardholders to your company policy, as needed.||Cardholders categorize their purchases using a list of categories that you will provide, such as Travel Meals, Office Groceries, etc. They are also encouraged to provide detailed descriptions of what they purchased as well as the business purpose of their spending.|
|Receipts, order confirmations, and other supporting documentation for company credit card purchases is stored in the cloud, allowing for anytime, anywhere access to important financial info.||Non-lodging purchases under $75 will automatically create and attach an IRS-compliant e-receipt to the relevant purchase in Expensify. Company cardholders are encouraged to attach the actual receipt to their expense report.|
|Credit card activity is organized into monthly expense reports and sent to approvers for review and approval.||It is your responsibility to keep track of whether all company cardholders are submitting expense reports. A growing negative balance in the credit card account on your Balance Sheet indicates that the purchases are not being recorded on a timely basis. Our periodic Financial Checkups will also point this out to you.|
|We will export data from Expensify to QuickBooks Online (QBO), ensuring all credit card activity is recorded in QBO.||If all information submitted on monthly expense reports by the cardholder is correct and appropriate, then the approver should click the “Approve” button to authorize all line items on the expense report to be recorded on the books.|
If any of the line items are not appropriate, the approver should reject the entire expense report with a note to the cardholder explaining additional information required for approval.