Export invoice - regard

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This query is : Resolved

N K PRAKASH (Querist)

02 April 2018 Dear sir,

We are an exporter, as the financial year 2017-18, we have raised the export invoices from 28-03.2018 to 31.03.2018 and the goods are ready to dispatch to the port. Now the next financial year starts (2018-19). The goods being dispatched in this financial year. But invoices raised in the last year. How to be accounted for. The Invoices raised in the last year can be accounted in the last year or the current year. Please let me know.

Thanks

N K Prakash

ND (Expert)

02 April 2018 The invoices raised in the last year will be accounted for in the last year only. However in case the sale is booked on the basis of shipping bills then invoices will be recorded in the current year.

N K PRAKASH

N K PRAKASH (Querist)

02 April 2018 Hi sir
the invoices raised already (but no goods moved) in the last year, the turnover will increase due to accounting of the invoices in the last year. but as for as concerned of shipping bill, how will be treated?. There is a little confusion.
please clarify sir.

ND (Expert)

02 April 2018 It will depend upon the practice followed by your company. If earlier you were booking sale only when shipping bill was generated and on that day only and not on the date of issue of invoice, then in the present case you will book sale in the current year. If earlier you were booking sale at the time of invoice only, then please book sale in the last year only.

N K PRAKASH

N K PRAKASH (Querist)

02 April 2018 thank you for valuable suggestions.

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