Check Your Mileage Reimbursement Rates

As the year comes to a close, people start submitting expenses that have piled up on their desks and in their wallets from the past several months. That makes this a good time for our U.S. customers to confirm that their mileage reimbursement rates are set correctly. As of July 1, 2011, the federal mileage reimbursement rate increased from 51 cents per mile to 55.5 cents/mile (see the IRS web site for details).

We recommend that you change your company's mileage reimbursement rate in ClickTime if you haven't already done so. In order to edit your company's mileage rate, follow these steps:

1. Sign in to ClickTime (you need to be an administrator).
2. Click the "Expenses" link on the menu bar under the Company tab.
3. Click the "Expense Types" link.
4. Click on the name or "edit pencil" icon of your "mileage" expense type.
5. Edit the rate value. For example, enter 0.555 for the new federal rate.
6. Choose whether to apply the rate change to expenses that haven't been approved.
7. Save your changes.

If your company has multiple mileage expense types, remember to repeat steps 4-7 above for each appropriate expense type. You can also choose to apply the rate change to expenses that haven't yet been approved.

Check out this Wikipedia article if you're interested in how the federal mileage rate has fluctuated over time.

If you want to start tracking reimbursable expenses in your ClickTime account, contact us to get a free trial of the Expenses module.