Submitting Expenses Dated Into The Current Month

As you are likely aware, on a monthly basis we need all expenses from the previous month by the 8th business day of the current month.  This allows the team at myXP to have everything we need to close the month and publish financial reporting to the leadership team.

When sitting down to submit your expense report, you will want to ensure that you have submitted every expense with a credit card icon from the previous month.  Additionally we strongly encourage you to submit several days into the current month.  The reasoning for this is because as Zoho imports transactions into your expenses feed, there are situations that cause the dates to vary slightly from the date that the transaction cleared the bank.

Some of these reasons are:

• The previous month ended with a weekend or banking holiday.
• The current month started with a weekend or banking holiday.
• The payment processor used by the vendor where the purchase was made was especially slow in presenting the transaction to the bank for payment causing a delay in the feed updating.
• Several other things could cause this variation as well.

Regardless of the reason for a date variation, to close the month, we must have all transactions that have downloaded into Quickbooks with the date of the previous month to close.  To avoid being in a situation where you have to hunt down a few transactions and submit a second report, it is a "best practice" that all card holders submit transactions dated several days into the current month. This will ensure myXP has everything we need to close the month and we won't have to bother you for any straggler transactions.  Furthermore, if you are taking the time to sit down and do your expense report you are welcome to submit every transaction in your feed with a credit card icon.

As a sidenote, you are always welcome to submit as many reports as you would like each month.  Many card holders find that it is most effective to submit reports on a weekly basis.  This ensures you remember the details of the purchases you have made and also requires less time in one chunk when your report comes due.