10 October 2019 at 17:55

Accounting entry in quickbooks

Greetings!
I have a confusion regarding what should be the correct accounting entry in the QuickBooks of the provided details.
Suppose
ABC Ltd. provides IT related services (for e.g. website building using Wordpress)
Most of the clients are from out of India so the payments from clients are received through PayPal. Paypal then transfers the amount to the ABC Ltd.'s bank account after deducting its fee.
ABC Ltd. asks the client to buy the hours first and then they start working on the work provided by the client.
Now my question is
1) How the entries should be made in the Quickbooks for the Professional fee.
2) Do we need to first create the invoice in the quickbooks for the client or what?

Please clear my doubts and let me know if the question is not clear in any way.

Thanking you in anticipation.









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10 October 2019 at 07:05

Multiple project working in excel

Dear all,
can someone guide me how to maintain site wise details with profit and loss in excel. please share if any excel file is available for the same.


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09 October 2019 at 11:20

What should be entry date

what should be entry date i.e. invoice date or goods received date

Read more at: https://www.caclubindia.com/experts/ask_query.asphere in my company we are entring direct expindutre on goods receipt date rather as on invoice date sir is this correct way of accounting


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03 October 2019 at 14:39

Reserve and surplus

Daer Sir,
Please suggest for Reserve and surplus treatment in pvt ltd .


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03 October 2019 at 13:13

Joint venture taxasiton

we made a joint venture for a work of NDMA and opened escrow A/c of JV.
now how will be deposit gst of JV bill and how will be show fund transfer from JV to partners (1 partner is Pvt Co. @nd is NGO). will partners issue bill to JV against payment transferred from JV


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03 October 2019 at 13:08

Joint venture taxasiton

bn


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02 October 2019 at 13:45

Applicability of accounting standard

I have a travel company audit, the company does not have any inventory nor any fixed assets , would like to know whether the financial statement require disclosure of inventory and property plant and equipment.

Have read that disclosure is required only of the accounting policies used in the preparation of financial statement

Please guide me


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02 October 2019 at 04:18

Embedded derivative

Hi sir,In the embedded derivative, there are three parts equity, liability and option value. For accounting purpose, why option value is adjusted against liability component ?Thanks in advance


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01 October 2019 at 14:59

Journal Entries

Professional fee invoice of Rs. 1 lacs plus GST @ 18% was received from ABC ltd on 25th may 2019. the same was paid on 05th June 2019? What will be journal entry for same and its effect in profit and loss account and balance sheet?


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30 September 2019 at 15:21

Consolidation

Whether Standalone financials of Subsidiaries / associate companies are required to be consolidated with parent company / holding company or consolidated financial statements of Subsidiaries / associate companies are required to be consolidated with parent company / holding company, while consolidating financial statement u/s 129(3)?


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