What is the accounting date of an invoice?

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Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2012 Dear all,

What is the accounting date of invoice?

Normally there will be time gap between date of invoice and receipt of material by the purchaser. In the following example, when we have to account the purchase transaction in our accounting system.
Example:

Date of PO: 01.08.2012.
Date of Invoice: 10.08.2012.
Date of actual receipt of goods: 02.09.2012
Date of GRN prepared by stores dept: 05.09.2012.

In which date i can account the invoice in accounting system. Date of Invoice / Date of goods received / date of GRN ?????

Kindly clarify?? In our company we are following GRN date for accounting of transactions. But I think invoice date is correct. Which is it correct, please clarify??

Thanks & Regards,
Swamy K

shibu

shibu (Expert)
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21 September 2012 02-09-2012

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2012 Dear Shibu,

Owner ship of goods will be transferred to buyer immediately after dispatch of goods from the factory. If we account invoice on the date of goods actually received, what about ownership of goods during transport? Who is responsible for damages during transportation. How to justify?
If there is delay in payment, interest will be calculated by the supplier from the date of invoice and not from the date of goods actually received by the buyer.

Requesting you to clarify..

With Regards,
SwamyK

CA Parul Saxena

CA Parul Saxena (Expert)
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01 October 2012 Purchase should be recorded on 10.08.12

shibu

shibu (Expert)
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01 October 2012 In case of Damage, you can charge the insurance company, If not insured, it`s ur risk. Interest calculation is a separate issue depends upon your P.Order to the supplier