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The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Travel Expenses - Basic Question
Post Info TOPIC: Travel Expenses - Basic Question
Jay3


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Travel Expenses - Basic Question
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Hi,

There are 2 ways to calc travel (% of Actual Invoices) or Mileage Allowance baed on HMRC site 45p per mile.

 

If going for the HMRC mileage allowance route how do you treat the actual invoices that relate to travel that have gone through the bank statement.  Do you treat these as personal drawings and ignore the fact they were motor expenses?

 

Thanks,

Jay



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Jay3


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More info...

Actual Expenditure based on Bank Statements for motor expenses = £659.26 (Option 1)

Mileage allowance based on HMRC (482 miles x 45p) = £216.90 (Option 2)

If I want to account for travel in line with option 2 what is the double entry I need? Do I need to offset this in some way?

Thanks,
Jay


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Dinky


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Hi Jay I would post actual expenditure as a debit to drawings as you say and then post mileage allowance as debit to motor expenses and credit to drawings.

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Sue 
Jay3


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Thanks, that's helpful. Have a great day ;o)

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Samilou67


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The thing I love about this forum is that you can come on here with a query and generally speaking it's already been addressed by someone. Makes life so much easier biggrin



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Sam
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