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At the time of journal entry

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(Querist)
26 May 2022 whether Party account will not be credited at the time of creating provision rather than it should be credited at the time when we receive final bill from Party.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
27 May 2022 Party account will be credited after receipt of Final Bill.

1. At the time of making provision respective expense head will be debited and provision for Expenses (Liability Head) will be credited.

2. After receiving the Final Bill reverse the entry passed above and make the regular entry by debiting expense head and crediting party account.
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