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Accounting Question: Reimbursible Mileage Expenses

 
 
Ty Cabugao
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      06-05-2004, 06:48 AM
I use GNUCash for my personal finance accounting. For those of you who
don't know, GNUCash is a unix-based (linux, bsd, Mac OSX, etc.)
open-sourced accounting software that adheres to the double-entry
accounting standard. It's been a great tool for me, but I do have a couple
of questions that I hope could be answered by the accounting wizards in
this NG.

My employer sent me to a training class and reimbursed me for my
expenses. The meals and parking are easy enough to record. Credit an asset
(cash) or liability (credit card), then debit another asset
(an account named Reimbursible). When I received the reimbursement, I
debit the asset I deposited the check into and credit
Reimbursible. Seems easy enough. However, a part of this check also
includes mileage reimbursement for the use of my personal car. How should
I record my daily mileage "expense"? Which accounts should I debit and
credit? Am I even doing the GAAP way of recording rebimbursible expenses?

Thanks!
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Ty Cabugao || tycabugao (at) earthlink (dot) net


 
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Paul
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      06-05-2004, 12:13 PM

"Ty Cabugao" <(E-Mail Removed)> wrote
> My employer sent me to a training class and reimbursed me for my
> expenses. The meals and parking are easy enough to record. Credit an asset
> (cash) or liability (credit card), then debit another asset
> (an account named Reimbursible).


So, when does the expense account get debited?




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Paul A. Thomas, CPA
taxman at negia.net


 
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Beverly
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      06-05-2004, 02:36 PM
Do you use an auto/travel expense account to record gasoline,
registration, and or car repair/maintenance? When the milege
reimbursement is received, you can simply reduce this account by using
it as your credit. You can record it daily, if desired (but certainly
not necessary), by debiting your reimburseable asset and crediting
auto/travel expense in accordance with number of miles used that day
times your company's reimbursement rate. Either way, the reimbursed
mileage reduces your out-of-pocket.

On Sat, 05 Jun 2004 06:48:56 GMT, Ty Cabugao
<(E-Mail Removed)> wrote:

>I use GNUCash for my personal finance accounting. For those of you who
>don't know, GNUCash is a unix-based (linux, bsd, Mac OSX, etc.)
>open-sourced accounting software that adheres to the double-entry
>accounting standard. It's been a great tool for me, but I do have a couple
>of questions that I hope could be answered by the accounting wizards in
>this NG.
>
>My employer sent me to a training class and reimbursed me for my
>expenses. The meals and parking are easy enough to record. Credit an asset
>(cash) or liability (credit card), then debit another asset
>(an account named Reimbursible). When I received the reimbursement, I
>debit the asset I deposited the check into and credit
>Reimbursible. Seems easy enough. However, a part of this check also
>includes mileage reimbursement for the use of my personal car. How should
>I record my daily mileage "expense"? Which accounts should I debit and
>credit? Am I even doing the GAAP way of recording rebimbursible expenses?
>
>Thanks!


 
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