Overview
Reimbursement payments on Volopay streamline the process of compensating employees for out-of-pocket expenses. Once claims are submitted and approved, they can be paid through automated systems or manually by designated administrators, ensuring timely and accurate financial management.
Upon successful submission and approval of a reimbursement claim, the next step involves executing the payment. Volopay offers two primary methods for processing these payments:
1. Set auto-payment date
Automated payments ensure that approved employee claims are paid consistently on predetermined dates, enhancing reliability in payment schedules.
Navigate to the reimbursement module.
Access settings within the reimbursement module and activate the auto payment option. Note that this option is turned off by default.
Choose a payment date that falls between the first and the twenty-eighth of the month to ensure all payments are processed within the same financial period.
Save your settings to activate the automated payments.
2. Manual payments by payment initiators/admins
Payment initiators or admins are authorized to manually initiate payments for all approved reimbursement claims. This flexibility allows for payments to be processed early if necessary, prior to the set auto payment date.
Available Payment Methods for Manual Payment
Pay via Volopay
Payments are made directly from the company's main account, reducing the respective department or project's budget limit.
Pay outside Volopay
Payments are conducted outside the Volopay platform by the payment initiator. Although this method does not impact the department or project’s budget, the transaction is still recorded on the Volopay platform and can be synced to your accounting software.
How to add or remove a payment initiator
Go to the Reimbursement module.
Click on Settings.
Select 'Add payment initiator' and then Edit.
Add or remove users as payment initiators.
Save to confirm the changes.
Handling failed payments
If a reimbursement claim fails for any reason, payment initiators and admins can swiftly retry the payment.
Select the failed reimbursement claim and opt to pay via Volopay to reprocess the payment.
Impact of budgets on payments
The processing of payments is influenced by the budget set for reimbursements, which may be specific to the whole company or particular departments/projects.
Flexible Budget: Payments proceed without interruption, when the set budget is exceeded.
Non-Flexible Budget: If the budget is exceeded, a warning is issued and the payment of the specific claim is prevented.
For auto payments, transactions are processed automatically under a flexible budget, but are halted if the budget limit is exceeded.
Note: Payments made 'outside Volopay' do not utilize the budget as these transactions are processed externally and thus not factored into the internal budget tracking.