For our U.S. customers, we want to let you know that the IRS announced the federal mileage reimbursement rates for 2012. As of January 1, 2012, the federal mileage reimbursement rate will be 55.5 cents per mile (see the IRS web site for details).
- Sign in to ClickTime (you need to be an administrator).
- Click the "Expenses" link on the menu bar under the Company tab.
- Click the "Expense Types" link.
- Click on the name or "edit pencil" icon of your "mileage" expense type.
- Edit the rate value. For example, enter 0.555 for the new federal rate.
- Choose whether to apply the rate change to expenses that haven't been approved.
- 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.