Link to Revenue's Employee's Subsistence Expenses Leaflet - IT54.
This leaflet sets out Revenue's position on the payment of subsistence and travel expenses.
The three examples illustrate that some vendor invoices will be immediately recorded as expenses while other invoices are initially recorded as assets.
The accounts payable staff needs to be instructed as to the proper accounts to be debited when vendor invoices are entered as credits to Accounts Payable.
At the end of every accounting period (year, quarter, month, 5-week period, etc.) it is important that the accounts payable processing be up-to-date.
If it is not up-to-date, the income statement for the accounting period will likely be omitting some expenses and the balance sheet at the end of the accounting period will be omitting some liabilities.
All external expense claims should be submitted to Accounts Payable in line with the Salaries cut-off date.Within that ,000 in annual spending comes a of little choices.You make food spending choices every time you visit the grocery store.With the end of the financial year approaching it is essential that we move forward through the annual accounts process as smoothly as possible.By ensuring a smooth close to the old year we should be able to move into the new with the minimum of delay and disruption.