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Purchase Invoice Date

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(Querist)
08 December 2019 Can anybody advise on booking of purchase invoice date. Whether invoice to be booked on receipt of material date or purchase invoice date
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Rajamahendra Varma M.B.A.,LL.B

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Rajamahendra Varma M.B.A.,LL.B (Expert)
08 December 2019 Which ever is earlier.
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A.S.SUNDARARAJAN

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A.S.SUNDARARAJAN (Expert)
09 December 2019 Please note that you are accounting purchase in your book. Hence, the purchase is to be accounted on receipt of materials. For year end account closing ,if the bills were raised in March 19 and goods are received after 1st April 19 and the consignment are in transit, you may account in Goods- In-Transit ( under the group fo stock) n March and in April after accounting of actual purchase reverse the Goods-In-Transit accounted in March 19 in April 19.
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Gokul Sharma

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Gokul Sharma (Expert)
09 December 2019 both are correct but one must have to follow one method...................
choose the method as per your ease.
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