Share
Explore

Employee Disbursement Process

This template should be used to when drafting pages about new processes

Purpose:

Trading 212 acknowledges that employees may incur work-related expenditures that are not always covered directly by the company's bank account or business card. In such cases, employees may use their personal funds to cover these expenses. Consequently, it is reasonable for employees to seek reimbursement from the company.
The purpose of this document is to establish a clear and efficient employee disbursement process. It outlines the steps employees need to follow to request reimbursement and ensures that this reimbursement process is clearly understood and implemented across the organization. By defining the reimbursement journey, this document aims to facilitate adherence to company policies and procedures regarding expense reimbursement.

Resources:

Relevant links:

Process Flow:



Process Timeline:
Please allow 1 full week worth of internal administration processing time.

Responsibility Matrix / Timeline:

Table
0
Item
Actions
Owner
Timeline
Comments/Link
1
1
Step 1 - Employee seeks Expense approval
Employee
By the 20th of each month at the latest
2
2
Step 1 - Manager Review
Direct Line Manager
Within 2 days of employee form submission
3
3
Step 1 - Manager Feedback
Direct Line Manager
Within 2 days of employee form submission
Via Slack
4
4
Step 2 - Employee Request Disbursement via Email
Employee
Refer to Template in Appendix
5
5
Step 2 - Disbursement email Review
Direct Line Manager
Within 2 days of email receipt
6
6
Step 2 - Email forwarding to Head of Finance
Direct Line Manager
Within 2 days of email receipt
7
7
Step 2 - Upload in JPM / ANZ
AU Accounts Payable - Processor
Monthly Payroll Circle (28th day of the Month)
8
8
Step 2 - (phase 1 only) Release JPM Transfer
UK Account Payable - Approver
Monthly Payroll Circle (28th day of the Month)
9
9
Step 2 - (phase 2 only) Release ANZ Transfer
AU Accounts Payable - Approver
Monthly Payroll Circle (28th day of the Month)
There are no rows in this table
Notes: If the final disbursement email Item 6 above is not received by Finance on the 26th of each month at the latest, the disbursement will happen on the following monthly cycle.

Financial Controls:

Expense Approval and Review:
Employees are required to submit an Expense Approval Form detailing the type, amount, purpose, and quote (if applicable) of the expense before incurring it.
The direct line manager reviews the expense claim form and either approves it by signing the form or provides feedback for revisions if not approved.
This step ensures that expenses are pre-approved by a managerial authority, establishing an initial layer of control to prevent unauthorized or unnecessary expenditures.
Employee Disbursement Approval:
Once the expense is approved by the manager, the employee submits an Employee Disbursement Approval Form containing proof of manager approval, receipt of the expense amount, and date of expenditure.
The form is then processed by the Accounts Payable function in Australia, initiating a pending transfer to either JPM Bank or ANZ Bank.
Dual Approval for Bank Processing:
Upon pre-entry of the pending transfer in the respective bank (JPM Bank or ANZ Bank), a two-step approval process is implemented:
For transfers processed in ANZ Bank, an approver from the AU Accounts Payable team reviews and approves the pending transfer.
For transfers processed in JPM Bank, an approver from the UK/BG Accounts Payable team reviews and approves the pending transfer.
This dual approval mechanism ensures that transfers are authorized by designated personnel from different geographical locations, adding an additional layer of financial control.
Overall, the process incorporates multiple checkpoints for approval and review, involving both employees and designated managers/approvers. The segregation of duties between requesting, approving, and processing payments contributes to a robust level of financial control by minimizing the risk of unauthorized or fraudulent disbursements.

Appendix.


Email Template:
Warnings: Adjust highlighted information as needed Please make sure you send email with attachment(s) ear [Manager’s Name], You will find enclosed the following information as per my approved employee disbursement form:
Copy of the Invoice
Evidence of Payment [if not showing as paid on the invoice]
Bank Details (if different from Wages and Salary account) BSB: [XXX-XXX] Account Number: [XXXXXXXX] Account Name: [Your Name]
Any questions, let me know. ​Email Example:
image.png
Want to print your doc?
This is not the way.
Try clicking the ⋯ next to your doc name or using a keyboard shortcut (
CtrlP
) instead.