An Accounting Policy assigns default expense categorizations (including line and transaction tags) to a transaction. In this sense, an Accounting Policy is a rule that you can define for an additional layer of accounting automation.
An Accounting Policy can be defined for both individuals and groups.
As part of an Accounting Policy, you can specify:
- Line tags: Assign tags (class, department, location) for each line in a GL entry.
- Transaction tags: Assign tags (class, department, location) at the transaction level in a GL entry.
- Receipt required amount: Specify dollar value limit which, if exceeded, requires a receipt to be attached.
- Send Reminder to attach receipts: Enable this option if you would like Airbase to remind employees to attach receipts for transactions that require one based on the Receipt required amount setting. This reminder is sent once a week.
- Auto lock select cards when receipts are not uploaded: Enable this option to lock cards on Receipt Compliance Violation.
Once an Accounting Policy is created and assigned to an employee, transactions on their Virtual Cards and Physical Cards are automatically pre-populated with line and transaction level tags. They will be prompted to attach a receipt, if applicable and will also be able to view pre-set expense accounts for easy categorization.
Create a New Accounting Policy.
Follow these steps to create a new Accounting Policy:
- Navigate to Settings > Accounting Policy.
- Click on the Add a New Policy option.
- Add the details of the new policy.
- Click Save.