Hello,
In last year Balance Sheet (14-15) I made a mistake in my company's Balance Sheet.
Outstanding Expenses for Municipal Tax should be 5500/- instead of 4500/-. How do I correct this in current financial year (15-16) in Tally?
Please help.
Thanks
Hi,
It should be accounted as Prior Period expense in Current year's financials.
Regards
Sanjay Lalwani
I am new in accountancy. An example will be very helpful. I m using Tally 9 erp.
Pass this entry.
Prior period Expense A/c..Dr. 1000
To Cash/Bank A/c. 1000
(Write in narration nature of expense and period for which it relates to)
Hello,
Thanks for the reply. What should be the head of Prior Period Expense? Indirect Exp or Capital ?
Regards
Indirect Expense.
Thank you so much for the help Mr.Sanjay
Regards
Shahid
CAclubindia
