Reimbursements Overview

Reimbursements allow company spenders to easily submit out-of-pocket expenses directly in Float through a simple workflow that eliminates the tedious expense report process. Businesses on Float can now keep all their employee expenses in one platform with Float Cards and Float’s new Reimbursements product.

Administrators can now create specific approval policies for Reimbursements within Float. This flow is independent of approval workflows for cards and limits but works very similarly.

Take a tour of the reimbursements feature using this link (Admin POV)!
https://float.navattic.com/reimburesements-admin

⚠️ Note: Reimbursements are only available for businesses on the professional plan. Please reach out to support@floatcard.com to upgrade!
https://floatcard.com/pricing/ 

How does this work? 💸

1. Create Reimbursement Policy: Admins create policies that determine flows to direct reimbursement requests to the appropriate approver. With direct managers added to Float, this flow can be dynamic by manager levels, amounts and more.
2. Request Reimbursement: Spenders can submit reimbursement requests by clicking the Requests button in their Float account. They will then be prompted to populate the reimbursement form with all relevant information pertaining to the request like receipts, amounts, descriptions etc. They can submit this request to be approved by their predetermined approver.
   

   Note: With Float, you can submit a reimbursement request for expenses incurred in any currency. If the currency of your expense ("Expense Currency") is not CAD, you will be prompted to submit the amount (in CAD) that you were charged for your expense ("Reimbursement Amount"). This ensures that employees are being reimbursed in full for global expenses they incur (inclusive of all transaction fees).

3. Review and Approve: The approver then is notified of the request. Approvers can see all the input for the request and can approve or deny the request, just as they would for new virtual cards or limits.
   
4. Export Reimbursement: After a reimbursement is approved, Admins can go to the Accounting tab to export the expense either via CSV or to one of our three direct accounting integrations (NetSuite, QBO, Xero). All reimbursements are exported as unpaid bills with the employee as payee/vendor.
   
   

How are Spenders reimbursed?

Spenders are not reimbursed directly through Float. Admins can export transactions to their accounting software or CSV to reimburse the spender while passing along receipts and expense information for easy reconciliation. This creates a record for reimbursement that has to be actioned externally to ensure the spender has been compensated. Please note, direct repayment is a functionality that will be released at a future date.

How do Admins set up Reimbursements?

To enable reimbursements for your company, go to “Reimbursement Settings” on the Settings page, and turn the feature on. You will also be prompted to connect your Accounts Payable account for an existing accounting integration at this stage.

Note: AP accounts are NOT required for Xero integrations. Reimbursement export to Xero as unpaid invoices.
Once you have turned the feature on, getting up and running is as simple as creating an approval policy for all your relevant teams! Admins can create their approval policy for reimbursements by navigating to settings > approval policies in their Float account.

Exporting Reimbursements 🧾

You can export reimbursements in one of two ways:

1. Using one of our three direct integrations across NetSuite, QBO or Xero.
2. Using our CSV export.

Read more on exporting reimbursementes HERE!