How to book small expenses without any supporting bills?

A/c entries 1228 views 5 replies

I have a small manufacturing business setup, where we deliver finished goods to our customers on our own company vehicles. After every trip I make some cash payments to the drivers towards out of the pocket expenses like toll tax, minor repiars, meals/refreshments, traffic police payments, weighing bridge cost, tiping to labour etc. Usually they do not have any documentary evidence like bills etc. to support these expenses.

My question here is, in the absence of any bills/receipts how do I book these expenses in my account books? Can I fill in some kind of voucher and get it signed by driver everytime I make payment? what should be the format of this voucher?

Kindly help.

 

 

Replies (5)
You can purchase debit voucher book enter details about expenses on that book

Plus take signatures of the receiving persons on those vouchers. 

No need to maintain official books of accounts except for your own ..... Please know section 44AD under which you can file your ITR as presumptive Income and show a atleast minimum profit of 8% of total Turnover i.e. max upto One Crore.

Dear Amit,

As turnover in this case is 1cr plus, i think section 44ad will not be applicable.

Dear sir, Purchase debit voucher book and use it for what ever the payments u made without supportings and signature of receiving persons and approval person like director is mandatory


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