Expense Management Year-End Checklist
White Paper Preview:
Preparing for Sarbanes-Oxley
New Features for ExpenseLink:
Fax Imaging
New Features for ExpenseLink:
Intelligent Workflow
PA ESSENTIALS:
Year-End Reconciliation
Year-End Checklist
Self Help for Quick How-To’s
UPCOMING NEWS AND EVENTS:
PERSPECTIVES Customer Conference
March 20-23, 2005
New Orleans
Hold the Date!
International Accounts Payable Professionals (IAPP)
April 24-28, 2005
San Diego
Financial Executive International (FEI)
May 19-22, 2005
Chicago
October SmartTalks Web Seminar
SOX: Taking Control Through Expense Management
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Q: By what date should my employees submit expenses so that they’re included in my month/year end reports?
A: We suggest a minimum of four days prior to month-end close. This should allow time for validation and manager approval.
Q: Can I have my account temporarily inactivated at the end of the year?
A: Yes. You can “freeze” your account to give you time to clear your account activity, if you so desire. A nominal fee would apply. Please contact Customer Service for more information.
Who to contact...If you have questions or need more information, please refer to the following resources:
- Contact Customer Service at customerservice@gelco.com.
- If you would like to join a regularly scheduled training class on Gelco reports and/or the Program Administrator maintenance service, please contact expense_training@gelco.com. Theses live, instructor-led classes are conducted over the Internet at no additional charge.
- Click the “Self Help” link on the left side of the ExpenseLink screen. You can type questions and review answers from our help database.
Q: When will my reports be available at year-end?
A: Your reports and transmissions from Scheduled Reports will be available as published in the holiday schedule at https://reports.gelco.com/reveal.html and will vary according to your month-end cut-off dates. Reporting and Analysis reports are always available on demand within your ExpenseLink account. The reports are generated after you request the reports.
Q: Can I schedule an additional month-end cutoff in December?
A: Yes, you can schedule an additional cutoff to capture the remaining data at the end of the year. Please contact Customer Service for details.
Q: Can I schedule an additional corporate charge card payment in December?
A: Yes. A nominal fee would apply. Please contact Customer Service for more information.
Year-End Checklist
This year-end checklist provides ideas to help you clean up your account before the end of the year. This is also a good time to re-evaluate your account setup and make enhancements for next year.
- Get all expense reports submitted and approved, and clear all employee receivables.
- Send email reminders to users to submit reports and to approvers to approve reports.
- Clean up all suspects.
- Work the Pending Approvals report.
- Work the Matching Report
- Work the Employee Receivables report.
- Check your Fiscal Period month-end dates in Reporting and Analysis to ensure they match your accounting calendar.
- Review your personal vehicle reimbursement rate. The Internal Revenue Service has increased the mileage rate to 40.5 cents a mile for 2005. Gelco will not change your company mileage rates unless requested. Please email customerservice@gelco.com to request changes to your mileage rates.
- Run annual reports in Reporting and Analysis and conduct spending trend analysis.
- Run reports to view 12-months of activity through October 31.
- Analyze category spending to help plan next year’s budget.
- Analyze planned vs. actual spending amounts.
- Example: Airfare spending per month (actual + accrued) to anticipate total spend per category for given periods.
- Analyze out-of-policy expenses and re-adjust policy limits accordingly.
- Ensure processes and controls are in place to comply with Sarbanes-Oxley legislation.
- Review org levels and employee limits - are they appropriate for next year?
- Review your Gelco contact list.
- Implement repeatable processes. Determine the tasks to perform and reports to run every 30, 60, and 90 days. Start these processes now for year-end and have in place for next year.
