In order to capture and analyze information most helpful to the organization, we will tag every financial transaction in 3 ways. Here’s the overview:
Tag 1: Team
- This is the team who spent the money.
- This will allow us to filter reports to show the funds spent by a team to compare against their budget which they are responsible for.
- All bills that you email to Accounting as approved for payment will be tagged to your Team
- In Expensify, this field is called “Location” and is found on each report.
- In Expensify, tag all reports in the Location field as the Team to which you belong.
Tag 2: Initiative
- This is the purpose for which the money is spent.
- This will allow us to filter reports to show the expenditures related to a particular Initiative…either by the entire organization or also filtered to show expenditure on an Initiative by a particular Team
- All bills that you email to Accounting as approved for payment should indicate the Initiative that the expenditure benefits. This may sometimes be different than your Team.
- In Expensify, this field is called “Class” and is found on each line item purchase within a report.
- In Expensify, tag all line items on every report in the Class field to the appropriate Initiative that the expenditure benefits. This may sometimes be different than your Team.
- Here’s the list of 11 official Initiatives for EC:
- CRED
- Education Investment (for-profit)
- Education Policy (non-profit)
- Elemental
- Finance
- Health
- Immigration
- Marketing
- Media
- Office of the President
- Philanthropy
Tag 3: Project – optional
- This is the particular project to which an expenditure is associated
- This will allow us to filter reports to show the expenditures related to a particular Project across different Teams and Initiatives
- For most of Emerson Collective staff, this Project tag is optional – not all expenditures are related to a Project. Use as you wish.
- Exception: Any contributions made require that a Project be specified.
- All bills that you email to Accounting as approved for payment should indicate the Project to which the expenditure pertains, if you would like it associated.
- In Expensify, this field is called “Customer/Job” and is found on each line item purchase within a report.
- In Expensify, tag all line items on every report in the Customer/Job field to the appropriate Project, if you would like it associated.
- In order to pre-populate this Project (Customer/Job) dropdown list, please send us the names of any current or upcoming projects, so that we may add them. Likewise, please let us know when a project is completed so that we can deactivate it and remove it from the dropdown list.
