My dad, brother and I are the sole mebers of our Church Construction Management, LLC company. The going rate to stay overnight on a job site in Oklahoma city is $70 for lodging and $39 for m&ie. How do I record one overnight stay if no members get reimbursed, but the stay is used as a deduction only? Here's what I came up with...

(dr) travel expense $109
(cr)?? $109

Now, say we want to take a reimbursement for half of the going rate...

(dr) travel expense $109
(cr) cash $54.5
(cr)?? $54.5

I do all of our accounting in Microsoft Excel so I can make up any kind of general journals accounts I want. Thanks!

Debit Travel expense
Credit Payables (Employees payables)

If none of the employees are getting reimbursed for the overnight stay, you wouldn't credit a payable cause they're not getting any money.

If the LLC isn't paying for it there is no entry.

Same thing for you 2nd entry if the LLC only pays half than you only debt expense for half.

If you want to take a deduction (I assume you mean on taxes) then you file it as an unreimbused emplyee expense on your tax return.

Thank you for taking the time to answer my question, but why would you debit expense for half when the company gets to take the full deduction of $109? I need to make some kind of entry so I will have record when I do the taxes later this year. I just don't know what to credit.

Thank you for taking the time to damage my reputation. First of all I was right and second of all that is not how this site is supposed to work. If you don't understand ask for clarification don't hurt someone's rep when they are trying to help you just because you don't understand.

You record the transaction on the LLC books at whatever the LLC paid for it period! It makes no difference what you can or cannot deduct from your taxes this does not change your book entry at all. Your books aren't for recording taxes they are for recording all the financial transactions that happen in your business. So let's say the LLC pays for it all you would

Db Travel Expense – Lodging 70
Db Meals & Entertainment 39
Cr Cash 109

Then when it come time to file your taxes you only deduct half of the eligible expense. Our you could pay for it all yourself and then take the deduction on your personal income tax return as unreimbursed employee expenses again you only get to take half.

But I am sure you will find some reason to disagree and hurt my reputation further at which point I guess I will have no choice but to quote GAAP and put you on my ignore list.

I apologize in advance for the tone of this post.

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Originally Posted by codyman144

I apologize in advance for the tone of this post.

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You should attempt to spend less time on the computer throughout the day trying to sound smarter than you actually are. I did not know your life depended on your reputation on this site. Please don't put me on your ignore list; I don't think I could sleep at night. :eek:

Excuse me for taking time out of my day to help people like you.

But your right I only do this full time and get paid well for it because I don't know much and am only trying to make myself sound smarter then I am. I guess what is how I got an MBA too right. Sorry I tried to help in the first place.

And if you really want to get personal I haven't been spending that much time on the computer lately, I have been trying to take care of my wife that just got out of the hospital. But you know everything about me right…