Last year's mistake
This query is : Resolved
06 February 2017
An advance payment given to an employee on 31st march was treated as an expenses. Now in the current financial year that person is repaying the that advance. How to treat that advance??
06 February 2017
Pass a reverse entry for that. Well, it is not the process but u have no option left other than that. For example at the time of advance suppose u have post an entry like this:-
Expense Ac Dr.
To Cash/Bank.
So u have to just reverse the entry like
Cash/Bank Dr
To Expense.
Keep in mind that u must have to disclose all the details in the narration so that one can understand and make others understand through the details in the narration.
Expense Ac Dr.
To Cash/Bank.
So u have to just reverse the entry like
Cash/Bank Dr
To Expense.
Keep in mind that u must have to disclose all the details in the narration so that one can understand and make others understand through the details in the narration.
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