In this video, our Senior NetSuite Consultant, Sarah Meehan, shares details on an update coming to expense reports as part of release 2020.2. For organizations operating on NetSuite version 2020.1, the only native controls for what users are able to enter on expense reports is built into the approval process, since a supervisor has the ability to reject an expense report based on specific company policies (or even as an automated process, if a custom approval workflow is used). This has been a gap for organizations who want to enforce a set per diem on meals, for example, since the NetSuite has not possessed a mechanism to evaluate expenses per category per employee per day in an effective way.
NetSuite release 2020.2 introduces the concept of expense report policies, which allows your NetSuite admin to configure highly-specific rules that govern the expenses that can be entered by an employee (accessible under Setup > Accounting > Expense Report Policies). Expense report policies can be configured by department or location, or can even be limited to a particular project or customer in the case of expenses that are billable to the customer. Additionally, you can specify whether the limit is to be evaluated per expense report or per day, allowing you to enforce company-defined daily caps on particular expense types. Finally, you have the ability to determine what action will occur when an employee reaches the set limit (display a warning or prevent submission) and whether or not a memo and/or receipt are required.
Users entering expense reports will receive clear, immediate feedback when their submission is in violation of company policy on a new pop-up window that is built into the expense report record.
If your organization is using expense reports in NetSuite, be sure to take a look at the new expense report policies functionality available in 2020.2. Do you have questions about configuring expense reporting in NetSuite or need guided support from one of our NetSuite experts? Contact Concentrus today to discuss your NetSuite needs.
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