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System of Accounting By GTA

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(Querist)
06 July 2021 Sir / Mam

We are GTA . We are paying for bio- diesel on behalf of sub-contractors and adjusting it against their payments and not for own use.

How ever, the supplier of bio-diesel issues invoices in our name.
In our software, the daily consumption can only be accounted from supplier to sub-contractor.
We can see only the outstanding liability to supplier and the payments to be adjusted from sub-contractors.

As we are not eligible for availing gst inputs, We are not accounting the stock and not showing the expenses in books but We are accounting the supplier as creditor.

Kindly advise us whether this system of accounts is correct or not.

Thanks in adv
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Deepa B

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Deepa B (Expert)
06 July 2021 If below is the entry passed on incurring the expense and subsequently adjusted against payments due to them, then the treatment is correct:
Sub-contractor account Dr
To Cash/Bank account
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