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Advance accrual entry

137 views 2 replies

Haroon

Software developer

25 Points Joined July 2016

I have a query related to education domain.

Senario 1 - Due Date of Tuition fees for the month of April 2016, is 01-Jan-2016 (fees is taken in advance). What should be the date of Journal voucher where I am debiting the Student Account and crediting Tuition Fees Account? Will it be 01-Apr-2016 or 01-Jan-2016?

Senario 2 - Due date of Tuition fees for the month of April 2016, is 10-Apr-2016. What should be the date of Journal voucher where I am debiting the Student Account and crediting Tuition Fees Account? Will it be 01-Apr-2016 or 10-Apr-2016?

Please help with appropriate solution.

Replies (2)

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

Scenario1: Journal: Student A/c Dr To Tuition fee income - During the month of Apr

Scenario2: Journal: Student A/c Dr To Tuition fee income - Anytime during the month of Apr because entry date, fee for the month and due date fall within the same month as well as during the same FY