Role: ✔ Admin
To initiate Reimbursement Expense Management, follow these steps:
1. Settlement Payout Decision:
- Decide whether to use Spenmo's automated monthly payout versus an alternative method, such as but not limited to bundling it with your payroll provider or using your bank account for the payout.
- If opting for other payment channels, learn how to "Mark as Settled" for reimbursements here.
2. Automated Reimbursement Payout with Spenmo:
- If choosing Spenmo for automated reimbursement payout, ensure all past reimbursements are marked as "Settled" to avoid double payment.
- Set up your settlement date in Company Settings under Reimbursement.
- Pick your settlement date and save changes.
- Note: If you select a date beyond 28 (e.g., 31), approved reimbursements may be automatically settled earlier on the last day of every month if your chosen date is unavailable.
- Automated Settlement occurs once per month. Changing the settlement date mid-month will impact the next settlement schedule, depending on whether the settlement has already occurred during that month.
- To prevent payout failures, top up your company wallet balance at least a day before the settlement date. Failed payouts will be carried over to the next cycle, or you can settle them separately outside Spenmo.
- Set up a low balance reminder notification on the settings page to prevent payout failures due to insufficient funds.
3. Set your Reimbursement Approval Flow
You can learn how to set up your Reimbursement Approval Policy here.
4. Onboard your Employees to Spenmo
You can learn how to onboard your employee as a user here.
5. Instruct your Employees to set up their Bank Account
You can learn how to Instruct your employees on setting up their bank accounts here.
IMPORTANT: Automated Payout will not happen to employees who haven’t set up their bank account.
Please reach out to firstname.lastname@example.org for any additional assistance required.