Entry posting Responsibility
This query is : Resolved
10 August 2010
If there is one invoice for Telephone cost for the period 01.09.10 to 31.12.10.
The Entry will be Prepaid a/c ---Dr & vendor a/c –Cr
& in the respective period from 01.09.10 it will be Expense a/c----Dr , Prepaid a/c ---- Cr.
Who’s responsibility it is to post the second Amortization entry. Should it be posted by AP team or GL Team. We have confusion on it
Please advice.
The Entry will be Prepaid a/c ---Dr & vendor a/c –Cr
& in the respective period from 01.09.10 it will be Expense a/c----Dr , Prepaid a/c ---- Cr.
Who’s responsibility it is to post the second Amortization entry. Should it be posted by AP team or GL Team. We have confusion on it
Please advice.
10 August 2010
As per my past experience,AP team is required to keep track of Prepaid expenses and advise the GL team to charge it off as and when required.
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