Inter-company Payables / Unbilled Revenue
This query is : Resolved
20 March 2024
Hello Experts,
We have a cost plus mark-up agreement signed for export of services with fully owned US entity and they have sent us some advance money to meet expenses of indian subsidiary. I have booked this received amount to DR Bank and CR Intercompany Payables Account. Previously it was booked to Unbilled Revenue by our book keeper and they still argue that it has to be booked Unbilled Revenue instead off Intercompany Payables Account. Can any experts clarify this?
Appreciate your help on this.
We have a cost plus mark-up agreement signed for export of services with fully owned US entity and they have sent us some advance money to meet expenses of indian subsidiary. I have booked this received amount to DR Bank and CR Intercompany Payables Account. Previously it was booked to Unbilled Revenue by our book keeper and they still argue that it has to be booked Unbilled Revenue instead off Intercompany Payables Account. Can any experts clarify this?
Appreciate your help on this.
20 March 2024
It's advance payment received, hence it has to be accounted under intercompany payables account.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- FORM 26A APPLICABILITY
- SFT Cash Deposit in Current Account
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
