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AA-15-Stipend Under The Account Group/Head

My Videos (Accounts Officer ) (582 Points)

29 May 2023

All Respected Members,

Please educate me in which account group or head payment of stipend of trainee will be recorded ?

Thanks in Advance for your precious time and efforts to reply this query.

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 29 May 2023

Stipend is a form of 'Salary' only.

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My Videos (Accounts Officer ) (582 Points)
Replied 30 May 2023

Dear Dhirajlal Sir,

Thanks for your reply.

does it mean that stipend will record under the salary expense account ?

Further, please let me know what would be journal entry for stipend ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 31 May 2023

Depends upon number of such entries and its repetitions.

If you need you can create sub-group under main group 'Salaries' and post stipend payments under the new subgroup under 'Stipend'

For such posting

Dr. stipend ABC Rs. XX

Cr. bank Rs. XX

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My Videos (Accounts Officer ) (582 Points)
Replied 01 June 2023

Dear Dhirajlal Sir,

Thanks once again for your kind response.

Please advise if any firm has 2 or 3 trainees; what would be better ? Craete a sub group account under salary group or record it in main salary account ?