Dear All during last FY we billed $90 but received $100 we accounted $10 as advance last year end.
now customer says $10 was adjusted to last SOW/PO only so they dont need bill this year.
Now we have to close their balance so how we have to book this revenue which is pertaining to last FY year.
Thanks in advance
Hello,
Please may i know what do you exactly mean by SOW/PO
Hi
SOW/Statement of Work ( which was closed by project manager without consulting account;s team)
For this, if previous year's books are closed then in this year pass entry for prior period adjustment of the Advance amount and if no billing is done then credit it to P&L
Please help with entry for crediting P&L.
party Cr
dr ??
CAclubindia
