Reconciling Cash Advances
|
Page Name |
Definition Name |
Usage |
|---|---|---|
|
EX_ADV_RECON |
Reconcile a cash advance and compare the cash advance against a submitted expense report to correctly reimburse the employee. |
When an employee uses a cash advance for business purposes and submits an expense report, the advance offsets some or all of the expenses the employee submits on the expense report. If you do not reconcile cash advances, your company may incorrectly reimburse more than the expenses that your employees incur.
When employees prepare expense reports, they designate the associated cash advance ID by selecting Apply/View Cash Advance(s) from the Actions drop down box on the Create (or Modify) Expense Report Page. The Apply/View Cash Advance(s), option opens the Apply Cash Advance(s) Page where they select one or more cash advance IDs to apply the entire amount or a portion of a cash advance to their expense reports. The selected cash advance items become part of the expense report calculations that determine how much to reimburse the employees.
PeopleSoft Expenses tracks the remaining balance due to the organization and identifies the expense report IDs that employees applied the cash advance amounts to, on the Reconcile Cash Advance Report Page. If an employee received a cash advance but did not take the planned business trip or did not use the entire portion of the cash advance, the employee can submit a personal check to offset the balance due to the organization. You enter payments received from employees on the Reconcile Cash Advance Report page.
To reconcile a cash advance, the cash advance must have a status of Paid and the total due to the company is zero. When you reconcile a cash advance, PeopleSoft Expenses changes the status to Reconciled.
Note: When you define business units for PeopleSoft Expenses on the Expenses Definition - Business Unit 2 Page, you can specify a grace period in which cash advances must be reconciled. If you use PeopleSoft Workflow, you can run the Employee Notification process to automatically send an e-mail to employees who have outstanding cash advances that are older than the grace period.
Use the Reconcile Cash Advance Report page (EX_ADV_RECON) to reconcile a cash advance and compare the cash advance against a submitted expense report to correctly reimburse the employee.
Navigation:
This example illustrates the fields and controls on the Reconcile Cast Advance Report page. You can find definitions for the fields and controls later on this page.
Field or Control |
Description |
|---|---|
Accounting Date |
Select the accounting date for PeopleSoft Expenses to use to generate new accounting entries in the Post Liabilities Application Engine (EX_POST_LIAB) process for cash advances reconciled through an employee reimbursement. |
Associated Expense Reports
If the cash advance is associated with an expense report, PeopleSoft Expenses displays the expense report ID, creation date, report status, and amounts. If there is no report ID, you can still reconcile the cash advance. For example, if an employee received a cash advance but did not take the planned business trip or did not use all of the cash advance, the cash advance can be reconciled by the employee writing a check to your organization for the total displayed in the Due Company field.
Payments
Enter check numbers and check amounts when the employee submit checks for unused cash advance funds. PeopleSoft Expenses enables you to enter more than one check payment.
Field or Control |
Description |
|---|---|
Reconcile |
Click for PeopleSoft Expenses to validate that the amount applied to expense reports and the total payments received from the employee equals the amount of the cash advance request. If the amount applied to expense reports and total payments received does not equal the cash advance request amount, PeopleSoft Expenses displays an error message. If the amount applied to expense reports and total payments received equals the cash advance request amount, PeopleSoft Expenses sets the cash advance status to Reconciled. |