Reimbursements
Reimbursements refer to the act of compensating someone for expenses they have incurred. This typically involves repayment of money spent, such as for travel, medical bills, or business-related costs.
The process often requires providing receipts or documentation to verify the expenditure and determine the amount to be returned.
reimbursements are a fundamental aspect of financial transactions in various contexts, ensuring individuals and organizations are not left out of pocket for necessary spending.
Accurate record-keeping and clear policies are essential for efficient and fair reimbursement systems.
Reimbursements meaning with examples
- After my business trip, I submitted all my receipts for travel, hotel, and meals to the company's finance department. They then processed the receipts and arranged my reimbursements for the expenses within the standard 30-day turnaround time.
- Our health insurance policy includes reimbursements for certain prescription medications. I had to pay out-of-pocket at the pharmacy and then submit a claim form, along with the prescription details and receipts to have my payment reimbursed.
- Volunteers at the non-profit organization are eligible for reimbursements for mileage and related expenses when using their personal vehicles. The process ensures that they can participate without financial burden for their contributions.
- Following a car accident, I paid upfront for the repairs to my vehicle. My insurance company subsequently provided reimbursements upon review of the provided documentation, including invoices from the mechanic and my receipts.
- When organizing the community event, we agreed that anyone who makes a purchase will be reimbursed from the budget. This ensures no one is unfairly bearing the brunt of the expenses for the community gathering.