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Summary here
Expense Retirements
Concepts & Definitions
An expense retirement closes out a previously approved expense advance. When a staff member or employee has received an advance to cover business expenses, they must submit supporting receipts to retire (reconcile) the advance once the expenses are incurred. The retirement compares the advance amount against the actual documented expenditure — any surplus is recovered, and any shortfall (where actual spend exceeds the advance) is reimbursed.
| Term | Definition |
|---|---|
| Expense Type | The category of expense being retired (e.g. Business Travel, Accommodation, Client Entertainment) |
| Request Amount | The value of the expense being claimed or retired |
| Bearer | Who ultimately bears the cost — Self (the requesting staff member) or the Organisation |
| Pay Amount | The amount actually disbursed or recovered when the retirement is posted |
| Pay Method | How the settlement is made — bank transfer, cheque, or cash |
| Disburse Account | The GL account used for the settlement |
| Finance Entry | Whether this retirement is linked to a broader finance module entry |
How To
Submit an Expense Retirement
Navigate to Admin → Request → Expense Retirement.
Screenshot: Expense Retirement list view
- Click New.
- Select the Bearer — Self if the employee personally advanced funds; Organisation if the company advanced directly.
- If Bearer is not Self, select the Requester (staff member whose advance is being retired).
- Select the Approver (optional, if your workflow requires pre-selection).
- Select the Expense Type and Project / Cost Centre if applicable.
- Set the Request Date and enter the Request Currency and Request Amount.
- Add a Description summarising the expenses incurred.
- Attach supporting receipts on the Documentation sub-tab.
- Click Save, then Send to submit for approval.
Screenshot: Expense Retirement — Payment Details sub-tab
After approval:
- Go to the Payment Details sub-tab and set the Pay Date, Pay Currency, Pay Amount, and Pay Method.
- Select the Disburse Account (GL account).
- Click Post to finalise the retirement and settle the balance.
To close the retirement record after posting, click Close. Use Unfinalize to reverse a posted retirement within the same period.
Prev
Expense Advances