We're excited to announce that we have added a new financial transaction type, Company Expenses. The new transaction type represents the company’s expenses paid on behalf of employees, such as outsourcing fees and levy fees that the company pays to third-party companies for outsourced employees. The Company Expenses are shown on the employee profile, which can only be viewed by the role Super Admin, Financial Officer, and read-only Financial Employee, but can’t be viewed by the employee.
TABLE OF CONTENTS
- How To Add a Company Expenses Transaction in the System Preferences
- How To Add a Company Expenses Transaction To an Employee
- Where To View the Company Expenses Transactions Added to the Employees
- How to Create a New Journal for the Company Expense Transactions
How To Add a Company Expenses Transaction in the System Preferences
User Menu →System Preferences → Financial Transactions Types → Income and Deductions
To add Company Expenses as a new financial transaction type, click on “Add,” then on the New Income & Deductions Type page select the option “Company Expenses” by clicking on the radio button next to it and filling out the desired amount.
Note: The Company Expenses transaction type is treated as a recurring transaction.
How To Add a Company Expenses Transaction To an Employee
The Company Expenses transaction can be added to an employee using two different options.
Option 1: By adding the transaction through the salary package section on the employee profile.
On the Salary package page, click on the “Add Recurring Transaction” button, then select the company expense transaction from the list under the Financial Transaction Type field .
Option 2: By importing the transaction through “Import Recurring Transaction”
Main Menu → Payroll → Manage Financial Transactions
On the Manage Financial Transactions page, click on the “+” sign button on the top right corner, then click “Import Recurring Transaction.” Then the “Import Employees Recurring Transactions” pop-up will appear, where you can download the template sheet and fill out the details of the transaction. After the transaction details have been added, you can attach the sheet in the pop-up, select the company expense type under the “Financial Transaction Types” field, and click the “Import Financial Transactions” button.
Where To View the Company Expenses Transactions Added to the Employees
- Employee Profile
- You can view the Company Expenses Transactions under the Salary Package section on the Employee’s Profile.
- You can view the Company Expenses Transactions under the Salary Package section on the Employee’s Profile.
- In the Salary Package section, on the Employee’s Profile, click on the “List” button.
- In the Salary Package section on the same page, click on “History”, where you can view all added Company Expenses Transactions.
- Reports
- On the Salaries Report, select the “Total company expenses” checkbox to include the total company expenses in the sheet downloaded.[1] If the “Show company expenses' details” toggle is activated, the details of the company expenses will be shown each in a separate column.
- On the Salaries Report, select the “Total company expenses” checkbox to include the total company expenses in the sheet downloaded.[1] If the “Show company expenses' details” toggle is activated, the details of the company expenses will be shown each in a separate column.
- On the Salary Package Report, select the “Company expenses' details” checkbox. Then each company expense linked to the active salary package on filtered dates will be added in a separate column on the sheet. [2]
Note: If the “Adjustment details” checkbox is checked, then a new column will be added after the “Total company expenses” called “Previous total company expenses”, which is the total of the company expenses in the previous package.
- Salary Package Screening
- On the Employee Management page, select “Salary Package Screening”. Beside the “Allowances Total” column, the "Company Expenses Total" column will appear, which is the total company expenses in the package.
- On the Employee Management page, select “Salary Package Screening”. Beside the “Allowances Total” column, the "Company Expenses Total" column will appear, which is the total company expenses in the package.
How to Create a New Journal for the Company Expense Transactions
By activating the “Generate a new journal for company expenses” toggle, the admin will then be allowed to create a new journal for the Company Expense Transactions.
Note: This will function the same way as the recurring transactions in the NetSuite setup.
