Basics
This query is : Resolved
13 April 2014
Dear Experts
Do we always receive invoice before goods?
Is it possible that we receive goods before invoice?
If yes then what entry we pass when we receive goods? and what entry when we later receive invoice?
What is Receipt Note in Tally?
Shivani
shivaniadream@gmail.com
Do we always receive invoice before goods?
Is it possible that we receive goods before invoice?
If yes then what entry we pass when we receive goods? and what entry when we later receive invoice?
What is Receipt Note in Tally?
Shivani
shivaniadream@gmail.com
Vishnu Saboo
(Expert)
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.
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
Dear Sir
What is OL MIT
and in voucher do we pass these entries
and what is receipt note voucher in tally
What is OL MIT
and in voucher do we pass these entries
and what is receipt note voucher in tally
Vishnu Saboo
(Expert)
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.
as far as concern to receipt note in tally, this must be just like goods receipt entry.
15 April 2014
so the first entry will go in Receipt Note and second one in Purchase voucher ???
And we consider the effect of taxes when we receive Invoice in the Purchase voucher?
am I right?
And we consider the effect of taxes when we receive Invoice in the Purchase voucher?
am I right?
Vishnu Saboo
(Expert)
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.
yes its better to take tax effects on the basis of invoice.
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16 April 2014
shouldn't there be better name for account than MIT as the goods are not in transit as we have received them !
any other name?
I cant think of one.
any other name?
I cant think of one.
Vishnu Saboo
(Expert)
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.
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.
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Rupesh Jain
(Expert)
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.
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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