1 / 13

PAYING FOR TRAVEL

PAYING FOR TRAVEL. UNIT 7B. How Are Things Paid For During A Trip?. Certain expenses can’t be paid for in advance, eg: Taxi fares Restaurant bills Refreshments Car parking These can be paid for using:. Cash. Sterling (£) or the local currency . Foreign Currency can

liana
Download Presentation

PAYING FOR TRAVEL

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. PAYING FOR TRAVEL UNIT 7B

  2. How Are Things Paid For During A Trip? Certain expenses can’t be paid for in advance, eg: • Taxi fares • Restaurant bills • Refreshments • Car parking These can be paid for using:

  3. Cash Sterling (£) or the local currency . Foreign Currency can be purchased from: • Banks/Building Societies • Travel Agents • Post Office

  4. Advantages Useful for small purchases Convenient Disadvantages No protection/insurance against loss or theft Coins can be bulky Advantages & Disadvantages

  5. Credit Cards • Such as Visa and Mastercard • Credit cards allow people to purchase goods and services on credit • A statement will be sent every month stating how much is owed • An individual can use a company credit card

  6. Advantages Safer than carrying cash Purchases are covered by insurance In cash of emergency more cash may be available Disadvantages Not accepted by all businesses Interest is charged on balance owed each month unless paid back in full Advantages & Disadvantages

  7. Debit Card • Such as Switch or Delta • Payment is automatically deducted from the account by the bank • Can also be used to withdraw money in many countries

  8. Advantages Safer than carrying cash Automatically deducted from the bank account Disadvantages Not accepted by all businesses Advantages & Disadvantages

  9. Travellers Cheques • Can be purchased from the same outlets as foreign currency • Each is worth a fixed sum and must be signed on purchase • They must be signed when being cashed along with ID (passport) being shown

  10. Advantages Safer than carrying cash Lost or stolen cheques will be replaced Unused cheques can be exchanged for sterling Disadvantages Commission may be charged when purchasing goods Exchanged for currency at a Bureau of Exchange, or bank when abroad. Commission may be charged. Advantages & Disadvantages

  11. Claiming for Expenses Whenever a business traveller pays for something they must keep a receipt Method of Purchase Record of Purchase Cash Receipts Credit Card Copy of sales voucher Travellers Cheques Record of Cheque Number

  12. Expenses Claims Forms The traveller will claim back expenses using an expenses claim form. This will be checked by: • Ensuring all receipts/sales vouchers are attached to the form • Check the receipts against the figures on the form • Check the addition of items and the total claimed

  13. Paying Expenses When the form has been checked the employee will be reimbursed by: • A cheque • Added onto wages • Paid directly into his/her bank account

More Related