Employee Travel Advances

Code: 1148
👁 Views: 41

Account Information

Account Type Statement of Financial Position
Normal Balance Debit

Definition

Advances given to employees to cover travel and transportation expenses

Common Journal Entries

Issue travel advance to employee

Dr. Employee Travel Advances
Cr. Cash in Hand

Settle travel advance after return

Dr. Travel Expense
Cr. Employee Travel Advances

Recover excess travel advance

Dr. Cash in Hand
Cr. Employee Travel Advances

Pay extra expenses beyond advance

Dr. Travel Expense
Cr. Employee Travel Advances
Cr. Cash in Hand

Issue travel advance to employee

Dr. Employee Travel Advances
Cr. Cash in Hand

Settle travel advance after return

Dr. Travel Expense
Cr. Employee Travel Advances

Recover excess travel advance

Dr. Cash in Hand
Cr. Employee Travel Advances

Pay extra expenses beyond advance

Dr. Travel Expense
Cr. Employee Travel Advances
Cr. Cash in Hand