An expense policy outlines how employees can spend funds for business-related activities, including what’s reimbursable and how to submit expenses. It helps businesses manage expenses, track spending, and ensure compliance.
Expense policies can be configured for various conditions across your business. You can create and modify policies as needed from admin settings.
Select the Settings tab in the left side panel, then the Manage policies page within the Business drop-down.
Select the Add new policy button.
In the first section, select the categories that should be included or excluded from the policy. If no category is selected, the policy will run across all categories by default.
In the second section, choose who is affected by this policy. You can include or exclude employees from the policy.
Select the Add employee property button to select employees based on specific properties, like department or level. Make sure the selected property has been enabled and set up before setting the policy.
If no selections are made, the policy will run for all users on your Expense Management account.
In the third section, choose specific policy conditions like amount, projects, or cost center. This determines when the policy will trigger.
Next, in the third section, set what happens when a policy is triggered.
The following actions can be set:
Flag the expense for approvers and admins: employees can submit the expenses for approval in a report, but approvers will be notified that there is a policy violation.
Show employees a warning and allow them to add a reason: employees will be warned that they’re making a policy violation.They can add a reason for the violation before submitting it for approval.
In the fourth section, you can enter a description. This will be visible to your users if the policy is triggered on an expense. You can select the auto-generate description button to have the tool write your description.
Once all the sections are filled in, preview the policy from the summary on the right side of the page.
Select the Save button to finish.
Once saved, the policy will be enabled by default. You can always switch off the enabled toggle to disable a policy. If the policy is disabled, none of the set conditions trigger any action.
If you have any more questions about configuring policies, contact our support team at support@capitalone-fylehq.com.