Thread: Mileage/travel expense accounting entries

My company is a single member LLC which I'm trying to launch this year. As a new (very) small business owner, I am trying to figure out how to handle mileage-based travel expenses. What little accounting knowledge I have comes from two semesters of accounting in college over 30 years ago. What accounts do I debit and credit as travel mileage accumulates during the year at $0.50/mile for 2010, knowing that any reimbursement won't happen until I file my 2010 taxes in 2011? Based on what I have been able to glean from the web, using an Unreimbursed Travel Expenses asset account is apparently not an acceptable option for a single member LLC. Any guidance you folks can provide is appreciated. Thanks.

Basic Rules - http://74.125.95.132/search?q=cache:...ient=firefox-a

Thanks for the attempted response. The link did not help answer my question, but I apprecaite your reply nonethe less.

It would be worth your while to consult a good CPA. Not comfortable giving such advice on the web as it would run counter to ethical guidelines.
Jeff Kovalski, CPA

Originally Posted by SouthParkMark

What accounts do I debit and credit as travel mileage accumulates during the year at $0.50/mile for 2010.

Are you depreciating the vehicle by mileage?