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accounting head for packed software

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(Querist)
22 June 2010 Sir,
Now a days it`s a common practice for buying various packed softwares for accounting and taxation, being renewed year after year.

Under which head of accounting it comes.
almost all softwares having validity for a year.

How to treat the same in accounting.

Please reply.

Thanks in advance.

Tribhuvan Purohit
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
23 June 2010
You can debit the software licence fees under expenses since it is validity for one year

If validity more than one year you can treat as amount which is paid for furture period as perpaid
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