All Respected Members,
please educate me that salary and overtime amount of employee should be recorded in one salary account or we have to create salary and overtime account separately to record both transactions.
Thanks for your precious time and efforts to reply this query.
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AA-33-Employee Salary and Overtime Account
Replies (15)
No more conditions for separate or single.
But, If you want to take details separately then better to keep the entry separately as per Your convenient..
But, If you want to take details separately then better to keep the entry separately as per Your convenient..
Over time allowance is part of salary. Hence seperate account is not required.
Dear Raja PM Sir,
as per your reply, I got that entry can be separated but account will be same.
have I got right ?
as per your reply, I got that entry can be separated but account will be same.
have I got right ?
| Originally posted by : My Videos | ||
 |
Dear Raja PM Sir,as per your reply, I got that entry can be separated but account will be same. have I got right ? |
 |
Dear,
Yes, The Account is same as under "EMPLOYEE'S BENEFIT EXPENSES".
After this separate entry, You can get details like Total actual salary, Total Overtime salary... Both of the Value is Salary Account...
No more specific provisions for separate follow ups. But, The separation give us statements like above...
Good Luck....
Dear Raja PM Sir,
Thanks a lot to educate.
Dear Raja PM Sir,
Can you also educate me on following:
How can we record an advance receipt invoice with charging sales tax in accounts ?
For Example:
We have to raise an advance receipt invoice of RS. 100, 000 at rate of 10% sales tax to our clint on 1-8-23; how we will record it in accounts.
Further, please also educate that when advance payment against this invoice will receive after 2 days 3-8-23; how we will record it in accounts too ?
It is requested to please share journal entries of both cases.
Dear Raja PM Sir,
kind response awaited on above.
Required some more clarity about this transaction...
as per above:
You raise receipt against advance with Tax...
Further., advance payment against this invoice will receive...
It means, You received 2nd time adavance...???
as per above:
You raise receipt against advance with Tax...
Further., advance payment against this invoice will receive...
It means, You received 2nd time adavance...???
I can't understand this...
Dear Sir,
I meant that my customer asked me to raise invoice for advance payment.
I raised invoice with sales tax.
They received invoice on 1-8-23 and released advance payment on 3-8-23.
I want to know when I raised advance payment invoice; how it would be recorded in accounts ? means what would be journal entry ?
and
when advance payment cheque actual received from customer how it would be recorded in accounts ? (journal entry required)
I meant that my customer asked me to raise invoice for advance payment.
I raised invoice with sales tax.
They received invoice on 1-8-23 and released advance payment on 3-8-23.
I want to know when I raised advance payment invoice; how it would be recorded in accounts ? means what would be journal entry ?
and
when advance payment cheque actual received from customer how it would be recorded in accounts ? (journal entry required)
Response awaited from Raja PM Sir.
How you prepare the invoice as you told the advance receipts invoice...???!
How you prepare the invoice as you told the advance receipts invoice...???!
We prepare this type of invoice as one of our client asked us to generate this type of invoice for processing our advance payment as required by their finance department.
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