Sundry expenses, also known as miscellaneous expenses, refer to the small, sporadic costs that a business incurs during its regular operations. These expenses are not frequent or large enough to be categorized under a specific heading in the general ledger. Typically, sundry expenses may include minor costs such as office supplies, postage, minor repairs, and other one-off or irregular expenses that do not fit neatly into other predefined categories.
The nature of sundry expenses usually implies that they vary widely, and they therefore don't have a fixed budget and can be unpredictable. They are often grouped together on a company’s balance sheet or financial statements under a general "miscellaneous" category. While each individual expense might seem insignificant, collectively, sundry expenses can add up to a considerable amount over time and need to be tracked carefully to maintain accurate financial records.
Sundry expenses refer to miscellaneous costs that may arise during business travel. These can include tips, minor travel-related purchases, or other small, unplanned expenses.
Employees should keep all receipts and document each expense clearly, even if it’s minor. Companies usually require a detailed expense report submitted along with receipts for verification.
Yes, most companies set a daily or per-trip limit for sundry expenses to control spending. Check your company’s travel and expense policy for specific limits.
Typically, sundry expenses do not require prior approval due to their spontaneous and minor nature. However, it's wise to understand your company's policy on unplanned expenses.
Digital receipts are widely accepted for expense reporting, as long as they clearly show the date, amount, and nature of the expense.
If you lose a receipt, report the expense as soon as possible, detailing the cost and nature of the expense. Some companies may accept a signed declaration for minor expenses.
Sundry expenses are unplanned and irregular, whereas travel allowances are predefined amounts given to cover expected costs like meals, lodging, or transportation.
This can vary depending on local tax laws. Generally, legitimate business expenses are not taxable when properly documented and accounted for.
Using a dedicated expense management app is highly effective for tracking these expenses as they occur, ensuring no minor expense is overlooked.
Yes, if an expense is deemed irrelevant to the business trip or excessively high, it might be denied. Always understand what is considered reasonable under your company's policy.