Travel Expense
Code: 5255
👁 Views: 230
Account Information
| Financial Statement | Income Statement |
| Normal Balance | Debit |
Definition
Business travel and transportation expense
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 1
Presentation of Financial Statements
US GAAP
ASC 420
Exit or Disposal Cost Obligations
❓ Frequently Asked Questions
Q: How is travel expense recorded?
A: When employee submits invoices: Dr. Travel Expense, Cr. Employee Travel Advances (if advanced) or Bank.