How do cost centers work?
Cost centers are commonly utilized by many companies to monitor costs in a segmented and customized manner. They provide companies with the ability to manage overall costs, allocate resources, and determine profitability based on products or departments.
How to set up expense approval correctly?
To setup expense approval, follow these steps:
- Install the app by heading to Marketplace → Apps, scrolling until you find Expenses, and clicking on Install App.
- Set up the approval settings by going to Settings > Finance > Expenses. Here, you can create an approval group and define who can approve or reject expenses. This could be specific employees or those with relative roles like a manager or time off supervisors. You can also assign specific employees or roles to an approval group.
- In the Approval Groups > the Employees tab, you can see the employees assigned to this approval group. You can add employees by clicking the "+" icon in the top right corner.
- Set up your Expenses & Bank Account. Once the bank account is created, the view of expenses account information will be visible.
- Set permissions for Expenses management by going to Settings > General > Permissions. Open a permission group and scroll to Expenses to find all the permissions you can grant for expenses.
- Only the assigned approver can approve or reject an expense. They can do this by clicking on the three dots (...) of the expense pending for approval and choosing between Approve or Reject. Multiple employees' expenses can be approved or rejected at once.
What is the process for exporting expense data?
To export data about expenses, you should follow these steps:
- Start by adding and approving the expenses. Expenses can be added automatically, such as by charging them to your Factorial Card, or manually by clicking on "+Add an Expense" in the "My Expenses" section.
- When adding an expense, make sure to attach a document, such as a photo of the receipt, as it will be required for approval.
- After the expenses are approved, you can utilize various filters to refine your exported data. For example, you can filter by active employees, expense types, and set specific date conditions to view expenses generated in the current month.
- Additionally, you have the option to include subcategories when reporting an expense and manage expenses in different currencies.
By following these steps, you can effectively export the desired expense data from the system.
Is it possible to include cost centers in the expense form?
Absolutely! You have the option to create and assign cost centers to employees, and subsequently utilize this information for managing expenses.
Why am I unable to view the cost center?
If you cannot see the cost center in the expense detail, please verify your permissions. Ensure that your access rights are configured appropriately to display the cost center information.
What happens if I haven't created any cost centers?
If you haven't created the necessary cost centers and assigned employees to them, this feature will not operate correctly. Therefore, it is crucial to create and configure the cost centers before activating this functionality.
Who has access to view the cost centers?
The visibility of cost centers is determined by the cost center's permission settings within the Finance module.