Recording of purchase invoice
This query is : Resolved
Naresh Ravva
(Querist)
15 February 2018
Respected sir,
Till now that doubt did not arised to me because i worked in Proprietorship concern, recently i got job in Pvt Ltd company. My query is What date should be entered in our Books of accounts ? There i entered invoice date but here the practice is goods received date. Please clarify this ?
Till now that doubt did not arised to me because i worked in Proprietorship concern, recently i got job in Pvt Ltd company. My query is What date should be entered in our Books of accounts ? There i entered invoice date but here the practice is goods received date. Please clarify this ?
15 February 2018
Normally the legal title of goods are transferred to the buyer when the GRN is raised and at the same time the goods are recorded in our books.
16 February 2018
True, the liability to pay arises when the goods are received. Thus the GRN date is should be the date of recording the purchase.
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