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Date of recording payment and receipt
Hello everyone..
In following case when the payment and receipt entry would be recorded by payer and payee in their respective books..
Date on which cheque prepared by the payer - 01-01-2017
Date on which cheque received by payee - PDC - 01-02-2017
Date of Cheque - 31-03-2017
Date on which cheque deposited into bank by payee - 05-04-2017
Date on which cheque realised and credited to the account of payee by bank - 08-04-2017
Date of recording payment in the books of payer?
Date of recording receipt in the books of payee?
Replies (4)
It's better to a/c it on 31.03.17 anyhow the same will be shown in BRS
In the case of payment, the date of recording shall be the date of cheque i.,e 31.03.2017.
In the case of receipt, the date of recording shall be 05.04.2017. Anyways in the amount if not reflected in the books will be shown in the Bank Reconciliation Statement
Ya but payee needs to show cheque in hand on 31-03..by crediting the party.. right?
While making the payment, you need to debit the party and credit the cash. But while booking of expenses for the services / goods taken from the creditor, you need to debit the expense and credit the party
Step 1 : Booking of expense
Step 2: Making the payment
In case of advance payment the steps would be reversed.
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