Dear Experts.,

All of you Good Evening...

Please clarify my question for the Knowledge improvement...

How to Define or Choose the Expenses for "Direct or Indirect"...?
Which based it is considered expenses...?
Any Laws or Guideline to these choose...

Thanks & Regards

P.M.RAJA

Respected Sirs/Madam,


Greetings for the day.

I am working in an Software Organization as an Accountant in Chennai, need guidance + immediate clarification on booking of our "Employees Monthly Salary Journal Entries in our Tally".

Previously that is Up to F.Y. 2015-16 'i' was booking like:-

1) Dr. Salary A/c:- Domain = 'Resource Pool' Cr. Statutory Deductions + finally Cr. Salary-Employee Name. This is for all "Technical Staffs". If they are working under any Particular Project the "Domain" will booked with "Concern Project Name."

2) Dr. I Salary A/c:- Primary Cost Category = 'HR' Cr. Statutory Deductions + Finally Cr. Salary-Employee Name & for Accounts:- same Entry but "Primary Cost Category" = 'Finance'. This is for "Support, Non-Technical Staffs".

Now from this F.Y. 2016-17 onwards 'i' Planned to change like below:-

3) Dr. Salary A/c:- Indirect Exps. = 'Admin Exp.' Cr. Statutory Deductions + finally Cr. Salary-Employee Name. This is for all "Technical Staffs".

4) And for "Non-Technical + Support staffs" will be followed the same as mentioned in Pt. No.2

Hence Can anyone please advice, inform whether "My way of Entry booking is Correct (or) not" ? if not "What is the Correct way of booking + Entry to be passed with Exact Cost Category & Cost Centre (or) What actually to be followed" please let me know.

Kindly treat it as Urgent, awaiting for your Response.



Thanks & Regards
Sugadeesh.S

Hi experts

ABC Ltd. raised an invoice for Rs. 10,000/- on XYZ (firm-Franchisee of ABC Ltd) and XYZ need not to pay this amount to ABC Ltd as per policy.
Further, XYZ firm is also providing free services for the same amount to its customer ie: Rs. 10,000/-

What accounting entries should be passed in the books of XYZ firm.

Pl. explain the same with reasons to clear my doubts

Thanks

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