What must you do before assigning company bank accounts to employees for non-reimbursable expense claims?

What must you do before assigning company bank accounts to employees for non-reimbursable expense claims?

• A. Add employees to the system
• B. Enter all company bank accounts in Xero
• C. Submit bank documents for approval
• D. Register employees for the Expenses app

Answer: (B)

Before assigning company bank accounts to employees for non-reimbursable expense claims, it is essential to ensure all company bank accounts are entered in Xero. This step is critical as it establishes a complete and accurate list of the financial accounts that can be used for processing expenses. Having these bank accounts correctly set up in the system allows employees to link their claims to the appropriate accounts, facilitating smoother accounting and tracking processes. When the company bank accounts are recorded, it ensures that employees can utilize them accurately when submitting expense claims, thus streamlining the entire expense management process. While adding employees to the system and possibly registering them for the Expenses app may also be important tasks, these actions do not directly enable the assignment of bank accounts for expense claims. Similarly, submitting bank documents for approval is a step that may be part of a broader compliance or approval workflow, but it does not address the foundational requirement of having the bank accounts entered in Xero first.

Before assigning company bank accounts to employees for non-reimbursable expense claims, it is essential to ensure all company bank accounts are entered in Xero. This step is critical as it establishes a complete and accurate list of the financial accounts that can be used for processing expenses.

Having these bank accounts correctly set up in the system allows employees to link their claims to the appropriate accounts, facilitating smoother accounting and tracking processes. When the company bank accounts are recorded, it ensures that employees can utilize them accurately when submitting expense claims, thus streamlining the entire expense management process.

While adding employees to the system and possibly registering them for the Expenses app may also be important tasks, these actions do not directly enable the assignment of bank accounts for expense claims. Similarly, submitting bank documents for approval is a step that may be part of a broader compliance or approval workflow, but it does not address the foundational requirement of having the bank accounts entered in Xero first.