Expentiture
This query is : Resolved
24 October 2011
If i incurred any expenditure for rendering service (service industry)to
my clients & issued the bill to the parties for that.
Say i issued 3 bills to 1 party
1st bill (not describe expenditure incurred on behalf of party)
2nd & 3rd bill (describe the type of expenditure incurred & service charges)
I received a payment for 1st bill, part payment for 2nd bill & no payment recd for 3rd bill at the end of year.
if accounting system run on cash basic then kindly guidence whether i can books expenditure of all 3 bills at year end.
(note:- income shown :- cash receipts during the year end).
my clients & issued the bill to the parties for that.
Say i issued 3 bills to 1 party
1st bill (not describe expenditure incurred on behalf of party)
2nd & 3rd bill (describe the type of expenditure incurred & service charges)
I received a payment for 1st bill, part payment for 2nd bill & no payment recd for 3rd bill at the end of year.
if accounting system run on cash basic then kindly guidence whether i can books expenditure of all 3 bills at year end.
(note:- income shown :- cash receipts during the year end).
14 May 2012
Since you are maintaining books on cash basis, you should record ALL the expenses actually paid for by you, whether reimbursement of such expenditure has been received or not.
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