Cash trasnction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 July 2014
IS CASH TRANSACTION REQUIRE TO BE DUE OR ACCRUE FIRST
23 July 2014
i couldnt understand ur query pls modify or eloborate
Nikhil Kaushik
(Expert)
26 July 2014
cash transaction has nothing to do with being due. you need to account for receipt of money in cash book. if you are accounting on cash basis, just book the corresponding part as income/sale.
if you are following accrual basis and sale has not been done yet, just raise creditor in form of advance received.
if you are following accrual basis and sale has not been done yet, just raise creditor in form of advance received.
Nikhil Kaushik
(Expert)
26 July 2014
cash transaction has nothing to do with being due. you need to account for receipt of money in cash book. if you are accounting on cash basis, just book the corresponding part as income/sale.
if you are following accrual basis and sale has not been done yet, just raise creditor in form of advance received.
if you are following accrual basis and sale has not been done yet, just raise creditor in form of advance received.
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