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Fillable Form Budget Expense Report

A budget expense report is a form used to provide an accurate record of business cost, which is vital for budget planning and tax reporting.

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What is a Budget Expense Report?

A Budget Expense Report tracks your expenses on a monthly and quarterly basis. It is a form used to record your expenses whether at a business or personal aspect. Many companies create expense reports to monitor if they are spending the right amount of money for everything they need at a specific time frame or if they are exceeding the budget.

For a business, an expense report itemizes expenses that are necessary to the operation of the business. Some employees are asked to submit expense reports so that the company may reimburse them for business-related purchases such as gas, meals, and materials. A business can also use an expense report to track spending for a certain project.

Expense reports are usually made on a monthly, quarterly, or yearly basis.

What is a monthly expense report?

A monthly expense report indicates all the purchases a company makes during a month, and these purchases must be business-related.

What is a yearly expense report?

A yearly expense report is used to write off a business’s taxes. While a monthly report is used for different purposes, a yearly report is used mainly for tax purposes. It reports the purchases during a specific year.

What is the importance of a Budget Expense Report?

Budgeting allows you to create a spending plan for your money. Having a well-constructed budget expense report gives you a physical representation of how much money you can use for a certain expense. Following a budget helps you get out of debt and allows you to have sufficient money for a specific time frame. Creating a budget expense report also helps you focus on your financial goals, it represents how much money you can spend for a certain expense, and therefore keeps you on top of your finances.

What are the purposes of creating a budget expense report?

  • Creating a budget expense report helps you keep track of your budget for a specific period.

  • An expense report also allows you to determine whether you have extra money to spend for yourself or if you need to cut off certain expenses to ensure that you have enough money for your primary needs.

  • A complete budget expense report helps you remember where you spent your money, how much you spent on something, and how much you have left.



What is an expense report used for?

  • Small businesses usually need to submit expense reports when their employees pay for business expenses out of their own pockets.

  • The employees’ expense reports will organize and keep track of their business-related expenses so that the company can reimburse them. Along with the expense report, the employees must attach the receipts of their purchases. After submitting the expense report and the receipts of the purchases, the owner can now review the report and reimburse the employees for the total amount.

  • A business owner can also use expense reports to review their expenses over a specific time frame. The time frame is usually a month, quarter, or year. The owner can determine if the total expenses were more or less than expected.

What is considered an expense?

  • An expense is money a company or an individual spends to maintain the operation of the business or a making a trade that may result in a profit.

  • Common expenses include payments to suppliers, salary or wages of employees, factory leases, and equipment depreciation.

  • Amounts deducted from earnings such as loan payments or bad debts are also considered expenses.

How to fill out a Budget Expense Report?

When filling out a budget expense report, you will be provided with the expenses and you will enter how much your actual amount of the expense, then the budget you have for that expense, and the difference between the actual and budget.

Company Name

Enter the name of your company.

INCOME

Income is money that you receive in exchange for providing goods or services and gaining profit. Income is earned through investing money in a certain business and it is used for daily expenditures that help the business operate.

Operating Income

This is a figure that determines the amount of profit gained from the business’s operations. This is determined after deducting operating expenses.

Sales

Enter the amount of sales under actual, budget, and compute for the difference of the two amounts.

Other

Enter other amounts that are related to the operating income.

Total Operating Income

Compute and enter the total amount of the operating income.

Non-operating Income

Non-operating income is a portion of the business’s income that comes from activities not related to the main operations of the business. It is also referred to as incidental or peripheral income.

Interest Income

Enter the amount of interest income under actual, budget, and compute for the difference of the two amounts.

Rental Income

Enter the amount of rental income under actual, budget, and compute for the difference of the two amounts.

Gifts Received

Enter the amount of gifts received under actual, budget, and compute for the difference of the two amounts.

Total Non-operating Income

Compute and enter the total amount of the non-operating income.

TOTAL INCOME

Compute for the total income under actual, budget, and difference.

EXPENSES

Expenses are the costs that are required to be made in order to generate revenue.

Operating Expenses

These are the expenses that are related to the main operation of the business in order to gain profit.

Advertising

Enter the amount of the expenses for advertising under actual, budget, and compute for the difference of the two amounts.

Depreciation

Enter the amount of the expenses for depreciation under actual, budget, and compute for the difference of the two amounts.

Dues and Subscriptions

Enter the amount of the expenses for dues and subscriptions under actual, budget, and compute for the difference of the two amounts.

Insurance

Enter the amount of the expenses for insurance under actual, budget, and compute for the difference of the two amounts.

Interest Expense

Enter the amount of the expenses for interest under actual, budget, and compute for the difference of the two amounts.

Maintenance and Repairs

Enter the amount of the expenses for maintenance and repairs under actual, budget, and compute for the difference of the two amounts.

Office Supplies

Enter the amount of the expenses for office supplies under actual, budget, and compute for the difference of the two amounts.

Salaries and Wages

Enter the amount of the expenses for salaries and wages under actual, budget, and compute for the difference of the two amounts.

Taxes and Licenses

Enter the amount of the expenses for taxes and licenses under actual, budget, and compute for the difference of the two amounts.

Utilities

Enter the amount of the expenses for utilities under actual, budget, and compute for the difference of the two amounts.

Other

Enter the amount for other expenses under actual, budget, and compute for the difference of the two amounts.

Total Operating Expenses

Enter the total amount of the operating expenses under actual, budget, and the difference.

Non-recurring Expenses

These are expenses that are rarely made and the business does not expect to continue over time. Non-recurring expenses are also called one-time expenses.

Furniture, Equipment, and Software

Enter the amount of the expenses for furniture, equipment, and software under actual, budget, and compute for the difference of the two amounts.

Gifts Given

Enter the amount of the expenses for gifts given under actual, budget, and compute for the difference of the two amounts.

Other

Enter the amount of the expenses for other non-recurring expenses under actual, budget, and compute for the difference of the two amounts.

Total Non-recurring Expenses

Enter the total amount of non-recurring expenses under actual, budget, and the difference.

TOTAL EXPENSES

Compute for the total amount of all the expenses under actual, budget, and difference.

Net Income before taxes

Compute for the net income generated before taxes. You can compute the net income by using this formula:

TOTAL REVENUE - COSTS OF GOODS SOLD - OPERATING EXPENSES = NET INCOME BEFORE TAX

Income Tax Expense

Compute the income tax expense by multiplying taxable income by the effective tax rate.

Net Income

Compute the net income.



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