14 April 2014
some time parties may dispatch goods but invoice submission is at later stage. since you have received the material and invoice is awaited, you may pass entry as below
Inventory a/c Dr To OL MIT A/c. and when invoice is receievd to you OL MIT Dr to Party A/c.
14 April 2014
OL MIT is Outstanding liability for Material in transit account. as far as concern to receipt note in tally, this must be just like goods receipt entry.
15 April 2014
well, i m not much familiar with Tally so cant tell u whether first this will be passed in receipt note or not. yes its better to take tax effects on the basis of invoice.
16 April 2014
well you can give name of your choice, i told you as per our practice. material for which you cant pass on credit to party, since you have debited your inventory you have to set ur liability too. that's y this is treated as MIT.
19 April 2014
IT IS POSSIBLE INVOICE RECD AFTER THE GOODS RECEIVED . BUT WITH GOODS SOME DOCUMENT WILL SEND BY PARTY IT MAY TRANSPORTER COPY OF INVOICE/ CHALLAN.
THEN YOU MAKE RECEIPTS NOTE OF GOODS AND ALSO THE INVOICE DATE WILL THE SAME DATE . AS MENTION ON TRANSPROTER COPY OF INVOICE/CHALLAN. YOU CAN NOT TAKE CENVAT /VAT INPUT TILL YOU RECD. TRANSPROTER COPY OR ORIGINAL COPY.
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