Reimburse in the context of "Credit (finance)"

ā­ In the context of finance, reimbursement is *not* immediate when utilizing credit because credit fundamentally establishesā€¦

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ā­ Core Definition: Reimburse

Reimbursement is the act of compensating someone for an out-of-pocket expense by giving them an amount of money equal to what was spent.

Companies, governments and nonprofit organizations may compensate their employees or officers for necessary and reasonable expenses; under USlaw, these expenses may be deducted from taxes by the organization and treated as untaxed income for the recipient provided that accountability conditions are met. UK law provides for deductions for travel and subsistence. Reimbursement is also provided for supply, day care, mobile, medical, or education expenses, as determined by the payer. Similarly, a university, academic conference, or business conference may reimburse the expenses of an invited speaker or attendee.

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šŸ‘‰ Reimburse in the context of Credit (finance)

Credit (from Latin verb credit, meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date. The resources provided by the first party can be either property, fulfillment of promises, or performances. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people.

The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Credit encompasses any form of deferred payment. Credit is extended by a creditor, also known as a lender, to a debtor, also known as a borrower.

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Reimburse in the context of Travel and subsistence

Travel and subsistence expenses describe the cost of spending on business travel, meals, hotels, sundry items such as laundry (though usually only on long trips) and similar ad hoc expenditures. These reimbursements often have tax and related implications, and vary depending on the country of the business.

An organization may refund or reimburse these costs on the basis of an itemized list, or may conclude that cost of doing so is disproportionately high and instead pay a per diem ("per day") allowance. This provides a budget from which the traveler may recover their costs. In this case, the traveler may choose to stay in more expensive hotels and pay the additional cost themselves.

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LINKED FROM (PARENTS)
← Credit (finance) ← Credit ← Travel and subsistence
LINKS TO (CHILDREN)
Out-of-pocket expense → Nonprofit → Employee → US → Tax deduction → UK → Travel and subsistence → Day care → University → Academic conference → Business conference →