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Cheque dated 31.3.18 received on 2.4.18

07 April 2018

I am a government employee. I received a cheque on 2.4.18 from my office, cheque was dated 31.03.2018 This cheque is for arrear amount financial year 17_18 The cheque was deposite on 4/4/18.Amount credited on 7/4/18.Should I show this amount in financial year 17-18.

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CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 07 April 2018

IN 2017-18

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CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 07 April 2018

RECONCILE IN 2018-19

prasad Nilugal ( GST Practitioner & Accounts ) (14163 Points)
Replied 07 April 2018

You have received cheque on 31/3/2018 and entered in the books of accounts as receipt in the same day income will be for the year 2017-18 .( collected cheque should be dated 31/3/2018 or before )

Saifullah Khalid (Autodidact/Curious ) (633 Points)
Replied 07 April 2018

Originally posted by : DR SUNDEEP NIGAM
	I received a cheque from my office on 31.03.2018 This cheque is for arrear amount . The cheque was deposite on 4/4/18.Amount credited on 7/4/18.Should I show this amount in financial year 17-18.

As the amount of the check got credited to your account only after 31/03/2018 then this entry will go in accounts for F.Y 2018-2019 BUT as this amount is actually an arrear for F.Y 2017-2018 so same can be shown under your income for F.Y 2017-2018 ....

If you are following " cash based system " for accounting then this amount will add to income of F.Y 2018-2019 BUT if you are following "Accrual/marcantile system " for accounting then the amount will make part of your 2017-2018 income ...

Edit : I missed the point that you are a salaried/on payroll person so the second paragraph above will be applicable if you are also working as a freelancer/independent professional with professional receipts .

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