Cash & Currency Advances

ExpenSys Will Manage The Money

Cash advances in local or foreign currencies may be registered on the system by authorised operatives. Travellers are then required to reconcile the expenditure in exactly the same way as other expense claims or corporate card transactions.

Cash Advances – The Issues

People need to travel overseas and carry foreign currency, or they perform duties in their own country for which cash needs to be advanced.

Therefore, cash needs to be held on-site and advanced to travellers, or collected from the bank before being allocated.

When travellers return, the expenditure needs to be reconciled, matched to receipts and any balance returned. However, it often proves difficult and time-consuming both to determine, and to record, where the cash has gone.

Cash Advances – The Solution

Authorised operatives enter the details of cash advanced to each employee, recording the currency and exchange rate (if applicable), the dates the advance is to cover and the reason it is required.

Either while away from the office, or on their return, employees enter the details of all cash spent.

Items are recorded in exactly the same way as personal or corporate card spend, and the same tax and business rules are applied. The system will record cash returned and personal expenditure if any. All expenditure must be reconciled against the original advance before approval may be sought.

After processing, all details of the expenditure are exported to the back-end system together with all other expenses data.

The result will be a significant reduction in the amount of processing time dedicated to tracking cash advances.
Alternatively, ExpenSys can be configured to securely track all the cash taken from ATM machines:Take a closer look

Cash & Currency Advances - Expense Management Software
Wherever in the world your people travel,
you will always know who spent what,
where and why.