Presantion of Expense /Imcome
This query is : Resolved
03 September 2010
We are in carpet indusrty, our customer wants repair of carpets as & when they required, we send our represnative to do the work there exp includes (traveling, lodging, fooding etc)we charge from party lumpsum amount depends upon customer 2 customer through debit note. What is the correct way to present this situation in books.Presently we are showing expenses net of receipts.
CMA Ramesh Krishnan
(Expert)
03 September 2010
My suggestion, It is Reimbursment of expenses,while actual expesnes incurred, you can debit the Expenses Receivable and while raising debit and receving the payment, you can credit the same
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