FINANCE POLICY

FOR PAYMENT REQUEST

CONTENTS:

1. PROCESS FLOW OF REIMBURSEMENT

2. INSTRUCTIONS FOR REIMBURSEMENT

3. CLASSIFICATION OF EXPENSES

A. TRANSPORTATION EXPENSE
B. TRAVEL EXPENSE
C. LODGING/HOTEL ACCOMODATION
D. MEALS PER DIEM
E. TEAM BUILDING/ ENTERTAINMENT EXPENSE
F. OVERTIME EXPENSE
G. COURIER/SHIPPING
H. OFFICE SUPPLIES

4. SUBMISSION OF DOCUMENTS

5. CASH ADVANCE FLOW

6. PAYMENT REQUEST FLOW

7. IMPREST FUND

PAYMENT REQUEST

The following are required for each payment request to be considered complete:
1. The request is for an approved expenditure
2. The disbursement is consistent with the purpose of the fund
3. Appropriate documentation for the request, as follows
a. Invoices should be billed to the vendor from which funds will be
disbursed.
b. Invoice must contain a unique invoice number
c. If an invoice was received via email, a copy of the original invoice
must be submitted to the finance Dept.
4. For payment request, a formal presentation of vendor banking information must be
included to facilitate processing payment
5. If applicable, contract associated with the delivery of goods and services should be
attached
6. Payment request will initially review to ensure all required fields on the payment
request form have been completed and sufficient documentation has been provided.
7. CLASSIFICATION OF EXPENSES
a. RENT
b. ASSOCIATION DUES
c. DIRECTOR’S FEE
d. RETAINER’S FEE
e. PROFESSIONAL FEE
f. OTHER
PROCESS FLOW OF REIMBURSEMENT
INTRUCTION OF REIMBURSEMENT

1. REQUESTOR: Reimbursement should be encoded in Dingtalk>Work>Approval>Reimbursement

2. DEPARTMENT APPROVAL: The Department Manager or Functional Head shall be responsible
for the review and approval of employee’s expenses, ensuring that it is compliant with Company
policy.
3. FINANCE CHECKED:
A. DETAILS OF RECEIPT
1. All receipts shall be named under the company. If the receipts is not under the
company it will not be reimburse. Please see sample below:

Registered Name: Caffrey Trading Corp

Registered Address: Units 2703 & 2705 Finance Centre 26th St. COR 9th
Ave., Fort Bonifacio Global City,Taguig
Tin No: 008-766-215-00000
Business Style: Caffrey Trading Corp

2. Please itemized your receipts according to the ….

3. Official receipt and Sales Invoice must be BIR Registered and include the BIR ATP
(Authority to Print) validity
4. Receipts are also necessary for Tax purposes as proof of certain expenses.

4. APPROVAL OF EXPENSES LIMITS:

IF the reimbursable amount is less than or equals to 10,000, requestor should add Jing
Chen/Finance Head as approver and/
If the reimbursable amount is greater than 10,000, requestor should add Jing Chen/Finance
Head and Annie Lim/CEO as approvers

5. REIMBURSEMENT AND RELEASE OF PAYMENT

 All reimbursement claims shall be supported with the submission of BIR approved Official
Receipts, duly signed & approved by the Department Head.
 Failure to submit the appropriate BIR approved Official Receipts shall result in delay in the
release of payments, or disapproval of reimbursement claims.
 All expenses are subject to audit and approval.
TRANSPORTATION

All employees who are authorized to go out in official business shall use the most
accessible public transportation mode such as tricycle, jeep, bus, or train (LRT/ MRT) if available
before considering to take a taxi, shuttle service or FX.

TNVS (such as Grab) and the likes will be allowed on the following conditions:

 Employees will need to request from the respective Department regarding the access to
the Grab Corporate account which shall be used exclusively for official business use.
 Employees going home from office beyond 10:00Pm, must be applied to a grab corporate
account with the approval of Department Head and HR. One of each department handle
the grab corporate account.

FLIGHTS/ AIRFARE

GENERAL REQUIREMENTS

1. The Company shall pay for airfares of employees on official business. All booking whether local
or international travel shall be on Economy class only.
2. All flights local and international should be booked by the company.
3. Baggage allowances are defined by the airline carrier. Any charges for baggage above the
default limit set by the air carrier are expected to be reasonable and necessary for the purpose
of the trip, and must be explained in detail.

LODGING/HOTEL ACCOMODATIONS

GENERAL REQUIREMENTS

1. The Company shall pay for the room accommodation at accredited hotels or comparable lodging
establishments.
2. Expenses on alcoholic beverages & mini-bar expenses shall be charged to the employee’s
personal account and should be settled directly upon check-out.
3. Expenses such as internet charges, telephone calls charges, laundry charges & other incidental
charges shall be on the personal account of the employee.

Allowable reimbursable amount shall be based on the following.

OVERTIME EXPENSE

GENERAL REQUIREMENTS

1. All employees taking overtime can reimburse

Meal Allowance: Php 150.00
Transportation Allowance: Php 200.00
2. IF the person have to “pasok on weekends and holidays, the employee is eligible to take the
following allowances:
Meal Allowance: Php 150.00
Transportation Allowance: Php 200.00
3. Late employees which incurred and or more than 60 minutes of late cannot be eligible to take-in
the overtime allowances
4. All overtime reimbursements should be accomplished with overtime form properly signed and
to be submitted to finance department.

TEAM BUILDING/ LEISURE EXPENSES

GENERAL REQUIREMENTS

REPRESENTATION

For Managers and Directors who represents the company on official business meetings &
customer relations, they are allowed to spend representation as follows:

o For meetings with Key Officers such as Directors and/ or Owners, allowable spend is
PhP3,000.00 per transaction.

o For meetings with Company managers and/ or staff representatives, allowable spend is
up to PhP1,000.00 per transaction.

o Should the representation expense exceed the limit set above, it shall require the
signature of Finance Director & CEO.
 CASH ADVANCES

GENERAL REQUIREMENTS

1. One (1) cash advance per employee per trip is permitted. New cash advances will not be
approved until a previous cash advance for a trip has been cleared
2. Purposes of Cash advance:
Cash advance may be allowed only for official /operational purposes. To wit:
b. Travel expenditures, including transportation fare, travel allowance, hotel
room/lodging expenses and other expenses incurred by officials and
employees in connection with official travel.
c. Purchases of office supplies, fixed assets, merchandise inventory and other
supplies when direct payment to the vendor /supplier is not possible under
the circumstances of the transaction, or when payment by check is not
possible.
3. The cash advance shall be supported by the following documents

a. Copy of approved of CA Application

b. Estimated of expenses

PAYMENT REQUEST

The following are required for each payment request to be considered complete:
8. The request is for an approved expenditure
9. The disbursement is consistent with the purpose of the fund
10. Appropriate documentation for the request, as follows
a. Invoices should be billed to the vendor from which funds will be
disbursed.
b. Invoice must contain a unique invoice number
c. If an invoice was received via email, a copy of the original invoice
must be submitted to the finance Dept.
11. For payment request, a formal presentation of vendor banking information must be
included to facilitate processing payment
12. If applicable, contract associated with the delivery of goods and services should be
attached
13. Payment request will initially review to ensure all required fields on the payment
request form have been completed and sufficient documentation has been provided.
14. CLASSIFICATION OF EXPENSES
a. RENT
b. ASSOCIATION DUES
c. DIRECTOR’S FEE
d. RETAINER’S FEE
e. PROFESSIONAL FEE
f. OTHER
Imprest Fund

Overview
The Imprest system is an accounting system for paying out and subsequently replenishing petty
cash. Imprest fund is a small reserve of cash kept on-site at a business location for incidental cash
needs. The imprest system is designed to provide a rudimentary manual method for tracking petty
cash balances and how cash is being used.

GUIDELINES

The essential features of an imprest system are:

 A fixed amount of cash is allocated to a Imprest fund , which is stated in a separate account
in the general ledger .

 All cash distributions from the petty cash fund are documented with receipts.

 Imprest disbursement receipts are used as the basis for periodic replenishments of the
Imprest fund.

 Variances between expected and actual fund balances are regularly reviewed and
investigated.

The main feature of this system is the need to document all expenditures. Doing so is an excellent
way to maintain a high level of control over cash disbursements.