Accounting for reimbursed expenses requires two journal entries, the first is to record the expense and the liability to the employee, the second is to record the payment to the employee to clear the liability.
Reimbursed Employee Expenses Journal July 18th, 2017Team
Vacation entitlement which has been earned by an employee but has not been taken by the end of the accounting period, represents a liability to the business. The liability is recorded using a vacation accrual journal entry.
Vacation Accrual Journal Entry September 20th, 2017Team