Fyles helps the administrator issue advance to their employees in two ways, they are;
Issuing multiple advances under a single (combined) advance account.
Issuing advances under different advance accounts.
Single Advance Account for Multiple Issued Advances.
You can collate the multiple advances which you have issued to the employees to one advance account. Multiple advance account (account containing multiple issued advances) needs to be enabled via backend as single advance accounts are there on Fyle by default
The process of issuing advances remains the same, the only noticeable difference in such a scenario are;
The view of the advance account to the employee in the expense form.
The employee will not be able to choose from different advance accounts as all the issued advances reflect in one advance account.
The view of the advance accounts for the company’s finance administrator in the History tab under Advances.
Even though each issued advance is listed separately for ease of access, employees would see a combined balance of the advance amount issued while creating expenses.
Note:
Issued Amount: The amount that has been issued by the finance administrator
Unapproved Balance: Is the remaining balance of the advance account that has not been utilized. The unapproved balance highlighted above is the same for each advance account as it is considered as one advance account.
Example: Here, $8380 is the overall advance balance that’s left from the multiple advances issued to Fyle Admin.
Issuing Advances in Separate Advance Account:
Example: If the employees of your company have got their hands full with different projects, and your company helps them with the expenses that they are likely to incur in each of such projects by issuing advances.
In such instances, you as a finance administrator can issue advances pertaining to each project. Below are the steps to issue advances;
Log in to Fyle, change your view to Organization.
Click on Advances tab.
You will be able to issue advance individually or in bulk.
4. If you are issuing advance individually, an advance form will appear.
5. After filling in the details, click on Issue Advance
Here is a quick view of how the employee will be able to see the advances issued to them by you in their expense form.
Like this, the employee who you have issued multiple advances to can see to it that there is compliance between the expense created and the advances issued by associating them with the right advance account.
If you, as an administrator wishes to track the unaccounted advances in multiple accounts, what you could do here is check the same in the History tab under Advances.
Note:
Issued Amount: The amount that has been issued by the finance administrator
Unapproved Balance: Is the remaining balance of the advance account that has not been utilized. The unapproved balance highlighted above is different for each advance account as it is considered as a separate advance account.