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accounting entry

Praveen Pandit (service man) (254 Points)

05 September 2018

If some ITC claim has missed last year then what is the accounting entry to be made in our books for taking current year ITC claim

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11 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14916 Points)
Replied 05 September 2018

you mean to say last year ITC calim in current year

Praveen Pandit (service man) (254 Points)
Replied 05 September 2018

yes by mistake we have missed two invoice ITC for the month of July and sept 2017 after making reconciliation what is the accounting treatment

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 05 September 2018

Can you Elobrate your query again..!?

When You enter the bills in your books of accounts?

1 Like

Praveen Pandit (service man) (254 Points)
Replied 05 September 2018

after goods received we have post the entry of purchase, but my concern is if I forgot to take ITC on July 2017 now we have to take ITC with aug gstr 3b , what is accounting entry ...

when you take ITC entry will be
1.GST credit and ITC debit
2. GST debit to liability
3. liability to ITC and diff will adjust with electronic cash ledger
on every month
now what is the entry if we forget to take ITC either it goes to profit /loss account if govt. refuse if govt allows to take ITC what is the entry

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 05 September 2018

Dear.,

Better to reply for the Purchase invoice which is missed by You without taking of ITC...

If You booked the Bill on Last Year accounts then How to You book the Bill in Your books on Last Year...

If You are not accounted the bill in L/FY then You can book the Bill in CY...

So,

Solution based on Your reply When the bill is accounted in Your books...?

Missing ---> totally the without accounting FY 17-18 or Book the Bill but not taken ITC....!!!

Reply pls

Pankaj Rawat (GST Practitioner) (55062 Points)
Replied 05 September 2018

No need book any entry in current year , just prepare reconciliation statement for the same

Praveen Pandit (service man) (254 Points)
Replied 05 September 2018

but material has came in last year so we have to book the purchase entry in last year .. .. we have already booked the invoice last year but during making filling gstr3b it was missed,,, now founded the error . what is solutions to show in balance sheet on the basis of reconciliation,,

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 05 September 2018

Well...

If You are booked the bill in last year account as its the date... Then You can can also book the Tax value in last FY...
And Just carry forward the Tax (ITC) to next FY and claim in current month GSTR 3B return.

So,
Simple... 😊😊😊

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 05 September 2018

In balance sheet You ll show the ITC in current asset head as "Revenue Authority" head...

Praveen Pandit (service man) (254 Points)
Replied 05 September 2018

thanks sir

but how to match the electronic credit ledger with balance sheet.

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 05 September 2018

You can simply match the Credit Ledger to Your ITC... Bcoz, In credit ledger shown the value which is entered by You...
So,
No way for mismatch except GSTR 2A...