Fees professional

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This discussion explains the accounting entries for handling fees and GST when raising an invoice and receiving payment. When raising an invoice, you'll debit debtors and credit sales. For GST, you'll also credit GST payable. Upon receiving payment, you debit the bank account and credit debtors.

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(Querist)
11 January 2023 What is accounting entry at the time of rasing a invoice and receipt in bank
Fees 100000 and gst is 18%
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
12 January 2023 At the time of raising invoice debit debtors and credit sales.
At the time of receipt debit bank and credit debtors.
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Zafar Jahagirdar

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Zafar Jahagirdar (Querist)
12 January 2023 What is entry with gst
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
12 January 2023 At the time of raising invoice for GST, credit GST payable debit debtors.
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Zafar Jahagirdar

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Zafar Jahagirdar (Querist)
16 January 2023 What is full entry done
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 January 2023 Debit debtors (invoice value)
credit sales (sale value exclusive of GST)
and credit GST payable (GST).
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