Sale at midnight on 31st march
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 December 2012
Dear Expert
How to take sale if booked at midnight on 31st march when a/cs closed & sales &Invoices Auditor are there so how would take that sale as revenue or what?
How to take sale if booked at midnight on 31st march when a/cs closed & sales &Invoices Auditor are there so how would take that sale as revenue or what?
06 December 2012
SALE UPTO MIDNIGHT 12 IS RECORDED UNDER MARCH SALE & AFTER 12 IT IS RECORDED IN THE NEXT YEAR SALE. FOR RECORDING OF REVENUE YOU HAVE TO CHECK OUT FOR AS-9 CONDITIONS.
Amol S Joglekar
(Expert)
06 December 2012
This is the very common practice. Many countries having calender year as financial year and sale at mid night is very common in hotels, bars, motels etc.... especially on 31st December. Consistency principle is followed in such case in foreign countries.
06 December 2012
True, so can we have extension up to a day for bookin of sales?
Amol S Joglekar
(Expert)
06 December 2012
why a DAY... till the event lasts. But consistency must be maintained on "year on year" basis.
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