"Unsettled expenses" refer to transactions that have been initiated but not yet finalised or claimed by the merchant. This term is used in the context of card transactions. When you make a card purchase, the transaction initially appears as "unsettled" because the payment has been authorised but the merchant hasn't yet completed the transaction process by claiming the funds.
Where can you find unsettled expenses?
You can locate your unsettled expenses, from the "Expenses Overview" page of your Volopay dashboard. Here's how:
Log into your Volopay platform.
Navigate to the "Expenses overview" page.
Under the "Overview" tab, scroll down to find the "Unsettled expenses" drop down, clicking on 'show' will open the drop down and list all unsettled expense.
This section will display all transactions that are currently awaiting settlement from the merchants. Each entry includes the merchant name, card details, and the transaction amount, alongside its review and policy status.
The unsettled expense slider will display the outstanding amount in grey, indicating the expense has not been settled.
Remember, these transactions are marked as unsettled because they have been authorised but not yet claimed by the merchant. If they remain unclaimed within 8-10 days, they may be reversed. Keep an eye on this section for any changes to the status of these expenses.
Accounting for unsettled expenses
Unsettled expenses will not appear in the transaction section of your accounting cards or in the ledger, and you cannot sync them into your accounting software.
Once the expense is settled, the verify button will be activated and the transaction will no longer be displayed in grey under 'Expenses'.
For most of the expenses, it will be settled within 24 hours. For some transactions there could be a delay and it might take 10-15 days.