Expense for auditing a supplier

USA Discussion in 'General Accountancy Discussion' started by roxanna9, Sep 20, 2018.

  1. roxanna9

    roxanna9

    Joined:
    Jul 12, 2018
    Messages:
    10
    Likes Received:
    0
    Hi all,

    I work in a medical instruments company and have to post an expense for auditing one of our suppliers. I have to create an account for it. What would be the name of this expense account? Thank you,
     
    roxanna9, Sep 20, 2018
    #1
    1. Advertisements

  2. roxanna9

    ShanaW

    Joined:
    Aug 17, 2018
    Messages:
    11
    Likes Received:
    3
    Location:
    Las Vegas, NV
    Hello!

    Was this expense paid to an outside firm? If so you may wish to use an Outside Services Account such as: O/S - Audit; O/S Accounting; O/S Legal

    Please let me know if I can be of further help.
     
    ShanaW, Sep 20, 2018
    #2
    1. Advertisements

  3. roxanna9

    roxanna9

    Joined:
    Jul 12, 2018
    Messages:
    10
    Likes Received:
    0
    Hi Shana, thank you for your answer. Our company sent one of our employee to travel to another country to audit one of our supplier. Besides the flight tickets, hotel (travel expense) and meals expenses, he was given cash for any other expenses incurred for the audit. Must I create an specific expense account for the audit ? if it is yes, how can I name the expense account? Thank you
     
    roxanna9, Sep 21, 2018
    #3
  4. roxanna9

    ShanaW

    Joined:
    Aug 17, 2018
    Messages:
    11
    Likes Received:
    3
    Location:
    Las Vegas, NV
    Hello - These expenses may be charged to a Travel expense account. You may wish to 'allocate' the expense to the purchasing department as this was an audit of a supplier.
     
    ShanaW, Oct 3, 2018
    #4
    1. Advertisements

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments (here). After that, you can post your question and our members will help you out.