Federal Mileage Reimbursement Rate Decrease
For our U.S. customers, we want to alert you that as price of gas changes, so do the federal mileage reimbursement rates. Thus, while gas prices have happily declined during the past few months (unless you own an oil company), as of January 1, 2009 the federal mileage reimbursement rate decreased from 58.5 cents per mile to 55 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:
- 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 .55 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.
To see how the federal mileage rate has fluctuated during the past several years, check out this Wikipedia article.
