1. Upload Receipt
Action: Snap a picture of your receipt or upload your receipt file, and let ExpenseMonkey extract the key data for you. With advanced OCR (Optical Character Recognition) technology, the app quickly reads the details on your receipt, saving you time on manual entry.
- We extract data for mandatory fields like Merchant, Date, and Amount.
- You will always see your organization’s main currency as a default, but you can change it if needed. Always use the currency of the expense; we will do the math for you and calculate the value in your organization’s currency.
- You can also assign a category, project, and leave a comment for each receipt.
Once the data is extracted, you have two options:
2a. Create Draft
Action: Save the extracted data as a draft if you need more time to review or complete additional information later. Drafts can be edited and saved as needed.
All expenses created in the mobile app are automatically saved as drafts.
Expense Status: Draft
Expense data is saved but not yet ready for submission.
2b. Create Expense
Action: If the extracted data is complete and ready, proceed to create an expense directly. This option moves the expense into the verification phase. Once you create the expense, it is submitted for review, and its attributes cannot be changed for compliance reasons.
Expense Status: In process
Expense is submitted for approval by a manager.
3. Approve or Reject
Action: The Approver reviews the submitted expense. They have the option to approve or reject it based on the provided information:
Expense Statuses:
- Approved: The expense moves forward in the process.
- Rejected: If rejected, you can review the rejection reason, make necessary changes, and resubmit the expense. The expense can only be submitted with a comment to address the reason for rejection.
4. Reimburse
Action: Approved expenses are still to be reimbursed to the team members. To avoid losing an overview of which expenses have and haven’t been paid yet, the process allows marking reimbursed expenses.
Reimbursements are managed by your company outside of ExpenseMonkey at this stage. For any questions regarding reimbursement, please reach out to your company’s financial department or your manager.
Expense Status: Reimbursed
5. Report
Action: This stage finalizes the expense for reimbursement and inclusion in financial records. Managers can define and download reports to share with accountants and bookkeepers or upload CSV files into their accounting software themselves.
Expense Status: Reported
