In this article you will learn about general concepts surrounding cash advances. After reviewing these concepts, it is recommended to view related articles, such as: Approving Cash Advances.
Understanding How to Prepare Cash Advances
To minimize the impact of business travel on employee personal finances, you can provide cash advances to pay for items such as meals, ground transportation, and gratuities. With PeopleSoft Expenses, you can process cash advances from the initial request through the final payment. Exception processing enables you to cover last-minute emergencies and unplanned situations.
Before preparing cash advances, you must set up:
•Cash advance sources.
Understanding How to Create Cash Advances
A cash advance has several parts to complete before submitting it for approval. The way you set up your expenses system determines what kinds of data are required and how your accounting system uses the data. If you have set up a report description and business purpose on the Employee Profile - User Defaults page, then PeopleSoft Expenses prepopulates these fields on cash advances. As you go through the preparation process, you can import advances initiated at an ATM using a corporate credit card. You can save cash advances for further work, or you can submit them for approval.
Create/Modify Cash Advance Page
Image: Create Cash Advance page
This example illustrates the fields and controls on the Create Cash Advance page. You can find definitions for the fields and controls later on this page. On the “Create Cash Advance” page you will see a few important fields:
Description Enter a description to identify the cash advance. PeopleSoft Expenses prepopulates this field if you have set up a report description on the Employee Profile - User Defaults page.
Business Purpose Select from a predefined list that was created when implementing your expense system. PeopleSoft Expenses prepopulates this field if you have set up a business purpose on the Employee Profile - User Defaults page.
Tax laws require a business purpose to justify business expenses, so completing this field is mandatory before you save the cash advance request for further processing.
Reference: Enter free form text or select a reference ID that has been pre-defined on the Reference Page. This field is used for tracking or identification.Attachments Click to access the Cash Advance Attachments page where you can add, delete, or view attachments.
Source Select the method of payment to the employee for the cash advance.
Amount Enter an amount you are requesting for the cash advance for each source.
Advance Amount Displays the total amount of the cash advance request. When creating a cash advance report, use the Update Totals button to update this value.
Save For Later Click to save and complete the cash advance request at a later time.
Submit Cash Advance Click to send the completed cash advance request to the approval process. Depending on how you set up your approval and audit rules, PeopleSoft Expenses will send the cash advance for payment processing or forward to an approver's queue.
Related Article: Approving Cash Advances