How would you pass an entry for travel expenses incurred and paid by employee and was reimbursed? How would the end to end flow happens

Question

Accepted Answer

Entry for travel expenses incurred and reimbursed by employee

Employee submits travel expense report with receipts
Finance team verifies and approves the report
Entry is made in the accounting system debiting travel expense and crediting accounts payable
Once reimbursement is made, entry is made debiting accounts payable and crediting cash/bank account

Accepted Answer

Debit the traveling expenses and credit by the cash account this entry is prepaid by the payment transaction record why to prepaid this entry payment become employee's paid in a traveling expenses that show record in the entry for payment entry

Accepted Answer

Debit the Travelling expense and Credit the Bank Account to record the Journal Entry. If the transaction happens on a credit basis, two entries are recorded. The first one is to debit the travelling expense, and the Credit is to the Liability Account.

Accepted Answer

Debit the Travelling expense and Credit the Bank Account to record the Journal Entry. If the transaction happens on a credit basis, two entries are recorded. The first one is to debit the travelling expense, and the Credit is to the Liability Account.

Accepted Answer

Debit travel exp

Credit account payable

(Exp booked)

When paid

Account payable dr

Bank credit

(Being reimbursement paid)

Accepted Answer

Debit travel exp

Credit account payable

(Exp booked)

When paid

Account payable dr

Bank credit

(Being reimbursement paid?

Accepted Answer

When the amount is reimbursed to employee the entry would be: Debit - Travel expense Credit - Cash In case the expense is posted now and reimbursed later, say at end of the month, the entry would be: 1) Debit - Travel Expense Credit - Employee Reimbursement When reimbursed: 2) Debit Employee Reimbursement Credit - Cash

Accepted Answer

It was all sone on SAP based portal. For any expenses take approval from you reporting manager. Scan all the bill/receipts . Fill the details on SAP portal of your organization or submit hard copy to finance department.

How would you pass an entry for travel expenses incurred and paid by employee and was reimbursed? How would the end to end flow happens

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