What is the difference between a time slip and an expense slip?

Answer 1

A time slip is a record of hours worked. Many workers have to punch in on a time card at the beginning of the day, then punch out at the end of the day. It gives payroll department a record of number of hours worked.

An expense slip is any receipt for expenses incurred while working on the job. If you have to stay out of town, overnight, at a motel, you pay the bill then submit the receipt to get reimbursed by your employer.