To equip accounting staff of companies operating in Hungary with the skills and knowledge to properly manage and report travel expenses according to Hungarian accounting standards and regulations.
Objective: Familiarize participants with the basics of Hungarian accounting laws, especially in relation to travel expense reporting.
Content:
Overview of Hungarian Accounting Law (Act C of 2000 on Accounting).
Key terminology in Hungarian accounting (important for understanding travel-related terms).
Importance: Understanding the regulatory environment is essential to ensure compliance with legal and tax requirements. This module sets the foundation for how travel expenses must be handled and reported in Hungary.
Objective: Provide participants with a clear understanding of how travel expenses impact taxation and their treatment under Hungarian tax law.
Content:
Types of travel expenses: What qualifies as business travel, accommodation, meals, mileage, tolls, parking, and other incidental expenses.
Tax-deductibility rules: Explanation of what expenses are tax-deductible in Hungary and under what conditions.
Per diem allowances: Explanation of when and how per diems can be used and reported.
Social security and income tax considerations: How travel expenses affect personal income tax (PIT) of employees.
Importance: Understanding the tax implications ensures that companies do not face penalties and helps optimize tax deductions.
Objective: Train participants in the proper documentation and record-keeping practices to support travel expense claims, ensuring compliance with Hungarian legal requirements.
Content:
Mandatory supporting documents: Receipts, invoices, mileage logs, boarding passes, etc.
Formatting and organizing travel expense reports in line with Hungarian legal standards.
Audit trails: How to ensure that documents are traceable and verifiable for audit purposes.
Common mistakes and how to avoid them (e.g., insufficient documentation, incorrect categorization).
Importance: Proper documentation is critical to avoid potential legal and financial penalties. It ensures that expenses are auditable and can be defended during tax audits.
Objective: Introduce tools and technologies to automate the travel expense reporting process, increasing efficiency and reducing human error.
Content:
Accounting software integration: Using ERP systems (SAP, Oracle) to automate expense entry and categorization.
Expense management apps (e.g., Concur, Expensify): How to implement these tools for capturing travel-related expenses.
Digital archiving solutions: Storing and retrieving documents efficiently for auditing purposes.
Importance: Automation minimizes errors, improves compliance, and saves time by reducing manual data entry.
Objective: Teach participants how to ensure accurate travel expense reporting in financial statements, with a focus on income statements and balance sheets.
Content:
Classifying travel expenses in financial statements under operating expenses.
Impact on cash flow statements: Understanding how travel expenses impact a company’s cash flow.
Reconciliation of travel expenses with the general ledger and cost centers.
Importance: Ensures that travel expenses are reflected accurately in financial reports, which is crucial for financial planning, budgeting, and compliance.
Objective: Apply the learned concepts in a real-world setting, enabling participants to practice reporting and managing travel expenses with actual or simulated data.
Content:
Group exercise: Participants will work on a case study where they review, categorize, and report travel expenses.
Discussion of best practices based on real-life cases.
Q&A session: Addressing specific challenges that participants face in their companies.
Importance: Practical application solidifies theoretical learning and prepares participants for real-life accounting tasks.
Objective: Ensure that participants are well-versed in compliance checks and implementing internal controls for travel expense reporting.
Content:
Setting up internal control processes: How to establish travel expense approval workflows.
Compliance checks: Ensuring alignment with Hungarian tax law and company policies.
Risk management: Identifying red flags in travel expense claims (e.g., duplicated expenses, personal expenses).
Importance: Strong internal controls minimize fraud, ensure compliance, and protect the company from potential audits or fines.