How To Manage Employee Expenses in Odoo 16 Accounting
What is employee expenses:
Employee Expenses are the costs incurred by an employee on behalf of the company, usually involving the purchase of products or services for Company use. In such scenarios, the company is required to reimburse the employee.
With Odoo Accounting, these instances can be effectively handled through the use of the employee expenses functionality, further allowing the streamlined management of those transactions.
Let’s see how we can manage it Odoo:
1. Go to accounting application > vendor > employee expenses > new.
We can create new employee expenses managed by employees.
2. Employee expenses- by clicking on “new” we can create new employee expenses.
3. On the expense report summary, we can define a related description such as onsite visit.
We can choose related employees, managers, and companies as well- as displayed in the below screenshot.
4. Next, under the tab “expenses”, we can add all the expenses paid by the employee by selecting the “add a line button” and clicking on the “NEW” icon.
5. While creating expense lines, in the description field- we need to define the expenses description.
In the category field- choose an expense category such as travel or lunch, in the “total” field we can define the amounts for that expense.
In the bill reference field, we can define reference of bills if any, we can choose expense date, expense account, we can also choose sale order in customer to reinvoice and analytical accounts.
We can select the employee who paid the expenses in “paid by” field and can also add some inputs related to expenses in the notes and save and close the tab.
6. After completion of these details, to proceed with the employee expense we may click on the “submit to manager” button. Manager can get the notification to approve the expense report.
Also, an activity will be created on the main dashboard- to approve the expense report.
7. Now, expenses will be in the submitted stage, so the manager can either approve or reject the expense.
8. And same after the approval by manager- expense will be in the approved stage.
Now we can post journal entries by clicking on the post journal entries button.
9. After clicking on the post the journal entry button, the expense will be in the posted stage and then we can register the payment by clicking on the “register the payment” button.
By clicking on the “new register”, the payment window will pop up where we can choose the journal and payment method to register the payment and click on create a payment.
10. And the expense will be in the payment stage.
How to Reimburse the Employee in Payslip:
To do so, we need to enable the function called “Reimburse in payslip” by going into general settings.
The function works like an employee paid the expenses , and the company reimburses them in the payslip of next month.
After the employee expense is approved by the manager , there is one button called report in the next payslip , we can click on that.
Now, let’s create payslip for the employee who created an expense report ,by going into payroll application > payslip > to pay. System will link the employee expense for that employee’s payslip.
We can click on compute sheet , and proceed the payslip. This is how we can reimburse the employees in payslip.
Subscribe our Newsletter for Odoo tips, technical insights, and more!
To wrap it up, we can say that Odoo 16 Accounting offers a powerful solution for efficiently managing employee expenses. A user friendly interface and seamless integration, business would be able to streamline expense tracking, reimbursement and reporting processes. This would not only enhance efficiency but will also ensure accurate financial records.
By using Odoo 16, organizations can modernize their expense management workflows, enforce policy compliance and develop better financial control and decision making.
Related Odoo Blog:-
Your email address will not be published.