I have been working with Service Rendering company: My Doubt is the company incurs Recurring expenses every month and it generates income through Projects assigned by the client. The project involves costs and profit. Now my confusion is how to deal with project related expenses and incomes and the recurring office expenses in Tally. Meaning I have been maintaining ledger of Office expenses which are limited and can be maintained but different project involves different vendors and clients, How to deal with that and maintain in Tally. The accountant previously assigned this task has kept more than 800 ledger accounts and it is quite confusing to maintain.
It could be a silly question but I would appreciate your advise.
14 July 2013
Debit the expenses and income in the name of the project. Say project a. Income of project A is to be booked as Project A receipt and similarly project A expenses
CAclubindia
