1. Objective

To establish clear guidelines and procedures for reimbursements, cash advances, and liquidations, ensuring compliance, accountability, and efficiency across all financial transactions.

2. Scope

This procedure applies to all Infinit-O employees involved in cash advance, reimbursement, and liquidation processes.

3. Responsibilities

1. The Requestor

1. Reimbursement:

• Submit all reimbursement requests through NetSuite, including the total amount and all corresponding receipts.

2. Cash Advance;

• Submit cash advance requests through NetSuite, clearly stating the purpose and amount.

3. Liquidation:

• Submit a complete and accurate liquidation report in NetSuite. The report must include all necessary supporting documentation. 

• As the original requestor, you are responsible for submitting all receipts for the entire cash advance, even if other team members used a portion of the funds. You must coordinate with them to collect their receipts for a single submission.

• Required to comply with the liquidation process within the specified timeframe.

• Refer to section 4.1 for liquidation guidelines and instructions.

Important: Failure to submit the liquidation report on time will result in a salary deduction for the advanced amount and may lead to disciplinary action.

2. The Finance & Accounting (F&A) - Sr. Accountant

1. Review all cash advance liquidation reports and reimbursement requests.

2. Examine submitted liquidation reports for completeness, accuracy, and compliance with company policies.

3. Verify expenses by comparing filed expenses to original supporting documents.

4. Promptly notify team members of any discrepancies or issues found in their submissions.

5. Maintain up-to-date records in the Cash Advances Monitoring system

6. Reporting & Escalation:

• If no liquidation is received within the specified timelines of submission (4.1.1), the F&A Sr. Accountant will initiate the following escalation process every second week of the month:

• After the escalation process, the monthly Unliquidated CA Report as of the previous month will be prepared every third Friday of the month. This report should detail the status of unliquidated cash advances and be submitted to the Finance Manager via email with the subject: "Unliquidated CA Report MMYYYY".

• Collaboration with the Immediate Supervisor and/or Manager: Finance will provide the list of team members who failed to process their liquidation to the Immediate Supervisor and/or Manager, copying HR-ER. This information will be used for the creation of a Discussion Log under "Acts Against Operational Policies."

3. The  Immediate supervisor and/or Manager 

For any team members identified by the Finance team as non-compliant, they must:

1. Issue a Discussion Log specifically under "Acts Against Operational Policies" within 5 business days of receiving the list from F&A.

2. Provide a formal Notice of Decision that serves as "Final Warning".

3. Once identified, ensure the team member provides an acknowledgement receipt for the salary deduction, if applicable.

4. Endorse the final list of non-compliant employees for salary deduction, attaching the Acknowledgement Receipt to the F&A department. These deductions will be effective following the payroll cut-off after F&A receives the list.

4. The HR-ER

1. Ensuring all necessary documentation for escalated team members is processed correctly.

2. Conducting administrative hearings if the employee disputes the non-compliance or disciplinary action.

3. Applying appropriate sanctions based on the company's established table of offenses.

4. Provision and General Guidelines in Liquidation

1. Timeliness of Submission

1. Electronic Submission: Submit the electronic liquidation report within 15 calendar days of the cash advance release date. Timely electronic submission is critical for processing any future cash advance requests. Refer to Annex A – Electronic Submission for instructions.

Important: If the event has not yet occurred or there will be a delay, please submit a ticket to F&A requesting an extension of the liquidation timeline. This will help avoid the issuance of a discussion log and salary deduction.

2. Physical Submission: The physical liquidation report, along with all original supporting documentation, must be submitted within 90 calendar days of the electronic submission date. This serves as the final liquidation report, and submission of the original hard copy is required. Please refer to the following instructions:

• Request a Liquidation Submission Form from SSP and fill out the following details:

• Requestor's Name

• Date: Date of Physical liquidation

• Expense Report Number

• Nature of Request: Cash Advance, Reimbursement

• Submit the form to SSP along with the original receipts

• Log physical submissions in the Finance Liquidation logbook.

2. Exemptions

Liquidation is not required for cash advances or reimbursements that are directly billable to a client, provided all associated receipts have received client approval.

3. Excess Funds

Any excess funds must be returned to the designated IO bank account. Proof of transfer must be attached to the liquidation report. For the most current IO bank account details, please contact the F&A Department via fa.support@infinit-o.com

4. Reports

A separate liquidation report must be prepared for each expense report request. ( i.e., 1:1 expense report requests and liquidation report.)

5. Acceptable Receipts and Supporting Documents

1. Submit original copies of sales invoices that include the following details, corresponding to the entity under which the transaction was requested:

2. All invoices submitted must be issued by a (BIR)-registered entity.

3. E-Invoices from online services such as Lalamove, Grab, Shopee, Lazada etc. are acceptable, provided they are supported by an Invoice and legitimately issued by the vendor. 

Important Note: Please make sure your preferred vendor can issue an official invoice before making a payment or transaction.

What Makes an E-Invoice "Valid"

For an e-invoice to be considered valid and legitimate, it must contain specific details that confirm its authenticity and compliance. These include:

• Vendor Information: The official name (e.g., Lalamove, Grab).

• Transaction Details: The date, amount, and a breakdown of the service or goods purchased.

• Customer Information: The name of the employee or the company for whom the service was rendered. For certain transactions, the company's full details (name, address, TIN) should be on the invoice.

• Official Document Number: A unique and sequential invoice number.

• Please refer to Sample E receipts and Invoice for your reference.

6. Acknowledgment Receipts for Unofficial Expenses:

1. Acknowledgment Receipts signed by your immediate supervisor are required for individual expenses not exceeding PHP 1,000 within an expense report that cannot be supported by official invoices, such as local transportation or minor meals.

2. Template: Use the Infinit-O Acknowledgement receipt

Note: PHP 1,000 limit applies per individual expense report. For example, if your single expense report request amount is PHP 25,000, only PHP 1,000 can be covered by an Acknowledgment Receipt. All other expenses still require official invoices.

7. Unacceptable Receipts

1. Alterations: Do not submit invoices that have been altered or tampered with, unless the error has a clear signature of the authorized vendor.

2. Dating: Ensure receipts are dated within the relevant activity period for which the advance was granted.

8. Cash Advance Restrictions

1. Unused Funds: Return or deposit unused cash advances within 15 calendar days upon cash advance release date.

5. Process 

1. Cash Advance and Reimbursement Request

1. Refer to the Netsuite Expense Report User Guide for detailed instructions.

2. Disbursement

1. Processing Schedule: Expense report requests submitted and approved by Wednesday, 12:00PM (PST) will be processed for inclusion in the payment release every Friday.

2. Payment Method: All approved requests will be credited to the designated payroll account.

3. Liquidation Monitoring -  F&A

1. Electronic submission Review:

1. The Sr. accountant will receive an email via fa.support@infinit-o.com after the online liquidation is submitted.

2. All attachments will be automatically saved in this F&A Drive. 

3. The Sr. Accountant will check all the online liquidation reports and receipts, verifying the details of the cash advance and supporting documents every Monday.

4. If any discrepancies or incorrect details are found, the Sr. Accountant will email the team member to resubmit the correct and updated liquidation report within 5 working days.

5. Once the online liquidation report is verified, the Sr. Accountant will update the Cash Advance Monitoring.

2. Physical Liquidation Storage

1. Every month, the Sr. Accountant will collate the submitted physical receipts and verify them against the online monitoring records.

2. Once verification is complete, the Sr. Accountant will file all physical receipts in a dedicated storage box for documentation purposes.

6. References

Finance and Accounting Policies

Accounts Payable Systems & Procedures

Liquidation process 022021

NetSuite Expense Report and Purchase Requisition User Guide

IO Company Policies: Employee Policies

Annex A – Electronic Submission 

This is the Initial liquidation report for F&A reference purposes and to facilitate the processing of subsequent cash advance requests. Electronic submission of scanned receipts, liquidation reports, and other attachments is required.

Procedure:

1. Please scan the QR Code or go to this link: https://forms.gle/VCNjYHNkbVTAW3Dr8

2. After scanning the QR code or clicking the Link, you will be directed to a Google form that you need to fill out. Below is the step-by-step process for filling out the form:

1. Scan the QR code or click the link. You will be directed to this page:

2. Fill out your Full Name, EID Number, and Department.

3. Choose the B. Liquidation in Transaction Type

Note: Disregard the Credit Card – This submission is for employees who have corporate credit cards requiring liquidation.

4. Fill out the Expense Report Number.

5.  Attach the Liquidation Report. <Liquidation Template>

6. Attach all corresponding Receipts or Invoices. Then Click Next.

Note: Attachments should match the amount in your liquidation report

7. Add any necessary remarks in the "Remarks" field. If no remarks are needed, please enter "N/A".

8. Tick the checkbox to confirm submission.

9. Click "Submit".

10. You successfully submitted your online submission of Liquidation.

11. You have successfully submitted your transaction. An email will be sent to you upon completion of the submission.