UNDERSTANDING EXPENSE TYPES


Expense Type - This is selected within the creation of an expense line to document what type of expense was incurred. When mapped, this selection will automate the Account/PL/Nomical Code assignment. As an example, selecting the expense type "Accommodation" would automate the assignment of the Hotel/Travel account code from your finance tool. 



MAPPING EXPENSE TYPES (Admins only)


Once you have loaded your Chart of Accounts segment (via integrated or manual load), you are now ready to map your expense types. Within Neo1, click "Settings" in the left navigation bar. Then, click "Expense types" in the top navigation bar. 




You will find that Neo1 has a library of default expense types. You will begin your mapping by clicking the pencil "edit" icon to the far right of the expense type name. 





Within the expense type edit window, you will have the option to complete the following: 


  • Rename the expense type (to align with your your internal naming conventions)
  • Assign a tax code (as applicable)
  • Determine whether the expense type should be active 
  • Assign default coding segments
    • This is where you will default the appropriate account/PL/nominal code to align with your financial tool. 
    • Additional default segment coding can be applied as applicable (i.e. you can assign a certain client or department as the default for this expense type. It can be changed by the submitting user, as necessary).  




When you are done mapping this expense type, click "Done". 


You will complete this mapping for all expense types that you wish to use within your spend setup. 


TIP: To avoid confusion, be sure to deactivate any expense types you are not using. You can check your expense type mapping now by creating a test expense line. 



Once all expense types are mapped, you can ensure that this mapping is defaulted when an expense type is selected in a spend submission by revisiting your Chart of Accounts/Account Code setup under Settings > Accounting. 


Click the pencil, edit, icon to edit that particular segment entry. 




Then select Expense type as a default coding source. 




Click Done to save this change.