Inter-company Payables / Unbilled Revenue
This query is : Resolved
Guruprasad
(Querist)
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.
CA R SEETHARAMAN
(Expert)
20 March 2024
It's advance payment received, hence it has to be accounted under intercompany payables account.
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