You’re constantly dealing with various expense types.
You paid for your flight and hotel for a conference in Chicago and need to be reimbursed. Or you used your corporate credit card to pay for a dinner meeting in San Francisco. Perhaps your team built a website that required stock photography from Getty Images, and need to submit the expense as a bill from the vendor. In all of these cases, BigTime has you covered.
This article will highlight your expense-type options, and it'll direct you to specific articles so you can better understand how and when to create each expense type.
- Take care of all of your expenses with BigTime, from reimbursable expenses to vendor expenses.
- Reimbursable expenses are expenses that are paid back to the employee due to the business costs they personally incurred.
- Non-reimbursable expenses are expenses that are incurred on a corporate credit card; the employee doesn’t receive any payment.
- Vendor expenses give you the means to log third party expenses without relying on your accounting system to enter the vendor bill.
- Submit vendor expenses alongside other expenses. However, vendor expenses don’t get paid back to the employee. So you’ll post these expenses separately from other expenses.
Your Expense Options
There are three expense-types to choose from in BigTime: ADD EXPENSE, ADD CHARGE and ADD VENDOR EXPENSE.
ADD EXPENSE is a reimbursable expense, which means the employee gets reimbursed for their expenses. For example, Jim uses his personal credit card to pay for dinner with a client. He’ll “add expense” in BigTime when he creates an expense report in order to get paid back for the dinner costs.
By contrast, ADD CHARGE is a non-reimbursable expense. The employee won’t get reimbursed. For example, Jim uses his corporate card to pay for a conference and hotel accommodations. He won’t get reimbursed, since the charges were incurred on his corporate card. But he’ll use the “add charge” option in BigTime to log his charges.
Vendor expenses are expenses associated with a project and submitted as a bill from a vendor. Say you have an engineering company, and you’re working on a project that’ll use a specific type of concrete. You’ve hired a third party to advise you and provide materials before you use it. The third-party will send you a bill, which you’ll log as a vendor expense in BigTime.
Vendor Expenses Made Easy
With vendor expenses, you can log third party expenses without relying on your accounting system to enter the vendor bill. Plus, vendor expenses look much like reimbursable ones, except for these two fields: reference number and vendor.
You can input a reference number and select the Vendor, which comes from your QuickBooks file. Plus, you can submit vendor expenses alongside your other expenses. Since vendor expenses don’t get paid back to the employee, you’ll post these expenses separately from other expenses.