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Various kinds of expenses are incurred by businesses. An expense is a sort of expenditure that flows into the declaration of income and is deducted from income to achieve net income. Expenses are recognized when they are incurred, not necessarily when they are accounted for, because of the accrual concept of accounting. There are several types of expenses. The most common way to categorize them is into operating vs. non-operating and fixed vs. variable. Operating expenses include the cost of goods sold, marketing, advertising, and promotion, and salaries, benefits, and wages; non-operating costs include interest and taxes; fixed costs include rent, and variable costs include transaction fees and commissions.
Expense statements offer a means for workers to itemize costs while seeking an employer's reimbursement. While expense statements offer incentives for employers and companies alike, while spending money, many organizations allow employees to exercise discretion. An expense statement is a description of financial transactions detailing costs. Usually, companies use expense statements to compensate workers who expend private funds when traveling for work. An expense statement enables workers to seek reimbursement for expenditures incurred during company business easily and reliably. From a corporate viewpoint, expense statements ensure that during the reimbursement process, the company should not compensate workers for non-reimbursable costs or overpay. Expense statement policies set some guidelines, but organizations must encourage individual employees to use discretion when making purchases.
We provide a wide range of expense statement templates in several formats to help make drafting statements easier and more efficient. Our sample templates are simple, easy to use, and fully customizable.