The purpose of an expense report is to keep track of your expenses while you are traveling for work. An expense report will help you stay organized and keep your records in order for you to receive a reimbursement by your employer or for tax purposes. If you are self employed or a truck driver, an expense report template can help you itemize your taxes at the beginning of the year.
How To Use the Microsoft Expense Report Template
- First, write the purpose of the expense report at the top of the page. This makes it easier to file these for purposes of reimbursement and taxes.
- Secondly, date everything. If there is a time frame, make sure you list the start date and end date. Without dates, you may become confused and make it difficult to keep organized. Employers will not be able to reimburse you without dates to confirm the expenses.
- Thirdly, list every expense associated with your travels. This would include hotel stays, gas purchases, food purchases, entertainment and any supplies necessary for the job. If you want reimbursed for all your expenses, keep receipts so that you can later add these to your expense report template.
Tips For Using the Microsoft Expense Report Tracking Template
- Since tracking expenses is important for business people that travel most of the time for work, the expense report template can help you achieve success in being reimbursed. Reporting each and every expense will insure that you do not have to incur an expense that is the responsibility of the employer.
- Filing tax returns are mandated by law. This responsibility makes the expense report template very important. That is why you must keep accurate records of all your expenses and documentation. If you have an income you must file a tax return.
- Itemization is a necessity for expense reporting. Keeping things organized and tracked can help you, especially when taxes are only filed at the beginning of the year. Having several expenses to track in a year long period can be difficult if you don’t keep them together.
Download: Expense Report Template
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