In which Head Have to Take
This query is : Resolved
26 December 2008
Dear sir,
i am working in a non profit organisation as a accountant actually we receive grant from govt and we have to relese to talukas . i am maintaining in tally so i have taken in as direct income which grant recive and what i relese to taluk taken in current assets as advance is it correct when i get utlization certificate from talukas i will pass the jouranl entry to indirect exp ... i have to preapre only Receipt & Payment thats all so plz help
i am working in a non profit organisation as a accountant actually we receive grant from govt and we have to relese to talukas . i am maintaining in tally so i have taken in as direct income which grant recive and what i relese to taluk taken in current assets as advance is it correct when i get utlization certificate from talukas i will pass the jouranl entry to indirect exp ... i have to preapre only Receipt & Payment thats all so plz help
28 November 2009
Hey Amaresh its not correct. When you received from the govt its your liability because you need to distribute the income . So it will be your current liability.
In case of Receipt and payment its fine. because receipt and payment have no relationship with cash flow
In case of Receipt and payment its fine. because receipt and payment have no relationship with cash flow
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