Accounting Question: Reimbursible Mileage Expenses

Discussion in 'Accounting' started by Ty Cabugao, Jun 5, 2004.

  1. Ty Cabugao

    Ty Cabugao Guest

    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!
    --
    Ty Cabugao || tycabugao (at) earthlink (dot) net
     
    Ty Cabugao, Jun 5, 2004
    #1
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  2. Ty Cabugao

    Paul Guest

    "Ty Cabugao" <> 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?




    --
    Paul A. Thomas, CPA
    taxman at negia.net
     
    Paul, Jun 5, 2004
    #2
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  3. Ty Cabugao

    Beverly Guest

    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
    <> 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!
     
    Beverly, Jun 5, 2004
    #3
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