Invoice date v/s posting date
This query is : Resolved
26 August 2015
Hi,
Generally we receive the Invoices from our vendors/service providers after a few days (some time weeks) from the issuance of Invoice.
My question is very simple but with some issues...
Q. What should be the date of booking of Invoice in our books of accounts ? (say- Invoice date 15/Jul/15 , Received on 25/Oct/2015, for Consultancy chgs 50,000 + S.tax @ 14% 6000).
Issue 1. TDS Liablity
(From 15-Jul or as from 25-Oct).
Issue 2. S.tax input eligibility
(a. in the m/o Jul or in the m/o Oct).
Issue 3. Accounting Concept
(General trade practices for expense booking).
Issue 4. Audit
(Audit objection if any).
Generally we receive the Invoices from our vendors/service providers after a few days (some time weeks) from the issuance of Invoice.
My question is very simple but with some issues...
Q. What should be the date of booking of Invoice in our books of accounts ? (say- Invoice date 15/Jul/15 , Received on 25/Oct/2015, for Consultancy chgs 50,000 + S.tax @ 14% 6000).
Issue 1. TDS Liablity
(From 15-Jul or as from 25-Oct).
Issue 2. S.tax input eligibility
(a. in the m/o Jul or in the m/o Oct).
Issue 3. Accounting Concept
(General trade practices for expense booking).
Issue 4. Audit
(Audit objection if any).
05 October 2015
Hi
Account the expenses as on when they incurred, irrespective of the invoice or receive dates
Account the expenses as on when they incurred, irrespective of the invoice or receive dates
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