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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- GST ON DAMAGED GOODS
- Last year TDS Claim
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
