What is Expense Report?

Legal Definition
1. Accounting details and summarization of all expenses posted by a company in a specific time-period. A detailed report produced monthly, quarterly, or yearly for parts or all of the business. Subsections in the report decompose the total into smaller subsets of the business, like a department or a group. Helps the company to identify the cost of that area to the company. Maintained with the highest accuracy clearly identify any money that is spent and unaccounted. Yearly expense reports are required for tax purposes by the Internal Revenue Service. 2. Accounting details and summarization of all expenses posted by an employee in a specific time-period. An employee to be reimbursement must track any money spent .Detailed log of expenses is recorded and submitted to the employer Deductible expenses may exist for both the employer and the employee based on this reporting and their yearly tax return form.