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Petty cash expenses

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Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2017 As you are kindly aware there is much time consuming activities by Accounts staff by staff was in making the Petty cash entries for every expenses in Tally debiting a party name and passing Purchase entries for every voucher. In this regard since the entries are getting delayed, I have prepared the date wise and summary entry for the whole month and based on the summary entries made a petty cash entry and also 4,5 Purchase entries for the GST related expenses. Kindly let me know the advantages and disadvantages in preparing consolidated petty cash statement for a whole month and accounting it on the last day of every month.

anshul aggarwal

anshul aggarwal (Expert)

23 September 2017 You will not be able to take Rs. 5000 daily exemption limit of RCM on petty expenses made through unregistered dealer. As you are posting all entries on last date RCM will applicable on all of your supplies from Unregistered dealers if applicable.

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