Payroll entry

This query is : Resolved

gagandeep singh rathore (Querist)
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06 January 2011 we r making only ONE direct payment entry of salary as follows in TALLY
Salary(dept wise) ac DR
To Bank ac
To PF ac
To PT ac
To TDS
Now we want our JV entry to be made without altering the above entry as it runing from april 2010 to dec 2010....
pls suggest us the entry so that we can have proper effect of accounting and pls suggest us if any issues can be raised during audit.
From 1-april-2011 we will follow proper procedure of having two entries one of JV and other payment...but for now pls suggest us with the entry..
Gagandeep singh rathore
CA finalist (student)

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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07 January 2011 A payment entry cannot be change as J.V. without removing the Bank portion, a bank portion can be given credit to Salary payable ledger and again you need to make one payment entry for Debiting Salary payable and crediting Bank

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gagandeep singh rathore

gagandeep singh rathore (Querist)
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08 January 2011 but sir giving debit and credit effect to each and every entry is not possible...as there are around 10000 entries that needs to be altered..so can any change in cost centre in tally can be made....

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 January 2011 Cost centers will not effect the financial books, cost center is for only management accounting purpose. so it will not useful

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