How to do entry of late received invoices

A/c entries 172 views 2 replies

Pankaj Yadav

nONE

43 Points Joined May 2012

Hi,

We are a pvt ltd company. We paid advance to a party on 28-6-2018 against a proforma invoice and then party dispatched the material along with invoice dated 29-6-2018 and we received invoice+material on 4-7-2018.

In our book we create an advance payment entry on 28-6-2018. Now on which date we should enter the invoice in our book? because between 29-6-2018 and 4-7-2018 many entried have already been added?

Replies (2)

Harisha V Hari

3 Points Joined March 2016

it is too simple and it is depends on when the risk and rewards are transferred to your company. if the risk are transferred to you while the other party dispatched the good then you need to book a entry dates 29-06 if not the risk are transferred only when you received the good then you need to book an entry on 4-7