Contra entry?
This query is : Resolved
20 February 2009
Dear sir,
i need a clarification about Contra entry.Cash wihdrawal from the bank.for that we should pass contra entry.
but they passed bank payment entry instead of contra.Is it correct?...
Entry in bank payment as:
Cash
to Bank.
It will give the same effect.Then what is the purpose of Contra??...
Explain and give the effect also...
i need a clarification about Contra entry.Cash wihdrawal from the bank.for that we should pass contra entry.
but they passed bank payment entry instead of contra.Is it correct?...
Entry in bank payment as:
Cash
to Bank.
It will give the same effect.Then what is the purpose of Contra??...
Explain and give the effect also...
20 February 2009
There should be a control in the organisation when you withdraw or deposit cash. If you pass through payment it will mingle with other transactions and chances of forgery is there.
To have effective control of the cash you should compulsority pass through contra.
To have effective control of the cash you should compulsority pass through contra.
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