Accommodation Travel Expenses – As the name suggests, these travel expenses refer to the travel expenses of the entity’s employees or directors. The purpose of the trip is to connect with the business of the entity. Therefore, the intention must not be of a personal nature.
Travel expenses are a nominal account that is included in the profit and loss account. Since this GL account is an expense, the appropriate accounting treatment is to debit this GL account in the journal entry.
Accommodation Travel Expenses
A credit note is for a liability account. Here, the liability account is called Taxi … Read the rest