Expense accounts are an integral part of the double-entry system of accounting and are used to record various costs businesses incur. The way expense accounts work is relatively simple, but to use ...

An expense account sounds simple enough, but it actually means two different things in business. First, it’s the process that lets employees pay for work expenses and get reimbursed by their company.

From an accounting perspective, expense accounts live on the income statement where all business costs get recorded. These are temporary accounts that reset each fiscal period. At the end of the year ...

In basic accounting terms, expenses are recorded as debits, which increase the expense account balance and reduce net income. The dual nature of expense accounts makes them central to business ...