![]() ![]() Travel logs for individuals may contain all of the same information and a lot more. These travel logs are data-driven and used by the company to track their employee’s travel, to repay employees for their expenses, and to claim these expenses on their annual tax filing. Many companies ask their employees to complete spreadsheets or online tracking systems to track the dates, locations, and expenses for their travel. What Is a Travel Log?īoth companies and individuals use travel logs to track their travel. In this post, we will explore some of the concepts about travel logs, how they are used, and tips for maintaining a travel log. Preparing a great travel log in booklet form or video form takes some effort and organization however, it is worth having this record that can be referred to over and over again. They can keep tabs on you and experience your experiences almost as if they were with you. A Vlog or video log on a social media platform can provide instant gratification to you and your friends. This is where a travel log is very useful to help everyone appreciate the trip even years later. Once you are home and friends ask you about your trip, at first, it is all current, and you have lots to talk about, but within a few weeks or months, some places you visited may be forgotten, or the names of cities, museums, different foods are hard to recall. Exposure to new cultures and their food and customs teaches us to accept those cultures and appreciate the world around us. Experiencing something out of your comfort zone is an exhilarating experience. ![]() Instead, use an account on the balance sheet for both entries.A good friend of mine once said she learned more about the world, its history, its cultures, and its beauty from traveling than she ever did in school or from books or videos. I recommend avoiding doing this because these journal entries won’t give your client a true picture of their day to day results. If you use an expense account, the P&L will show a huge loss in one month (from the damage) and then a huge profit in the month that the insurance check is received. Something to keep in mind is if these two entries are in different months. The Damage/Exp is offset with the insurance check which is fine. In the meantime, your journals look logical and should make the events clear for anyone to follow. I recommend checking with your client’s tax accountant because of the complexities around high value assets and costly damages. When we pay for the repairs: DR CR Asset/Bldg Cash How do I book these transactions?įor the damage: DR CR Damage/Exp Asset/Bldgįor the Insurance Check DR CR Cash Damage/Exp The owner received a check from the insurance company. I am doing the books for a small property management co. Here are some common types of insurance that are recommended for a business depending on the type of business they operate.Īll of these have the same insurance journal entry:ĭebit: Cash/Bank ( asset account) Credit : Repairs & maintenance ( expense account ) Question 2 The annual payment is usually cheaper than the total of the monthly payments as an incentive to pay the bill up-front, but small businesses often can’t afford this, so the providers offer the monthly option. This annual fee can be paid with a one-off payment or it can be spread over 12 monthly payments, or sometimes fortnightly. The insurance provider charges an annual fee, called a premium, which will cover the business for 12 months. Insurance Expense Journal EntryĪn insurance expense occurs after a small business signs up with an insurance provider to receive protection cover. *A deductible expense is one that can be included in your income tax calculations. Plus, there are questions I received from real bookkeepers/business owners who needed to know how to enter their insurance proceeds from property damage to which you can read my answers. There are various types of insurance cover available to small businesses and business owners so we'll have a look at those and how best to treat them in the accounts. ![]()
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