hello
we have paid leave encashment to the employees on the date of 07/08/20 from Jan 2019 to Dec 2019
So kindly clarify what will be the expenses entry and payments entry with what date this will comes in tally
Regards
Naresh Poojari
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Leave encashment payable entries
Replies (1)
On 31 at March 2020 you have to pass entry as follows .
Leave encash Expense A/c Dr
To Leave encash Expense payable 2019-20 Cr
( Being leave encash Expense from Jan 10 to Dec19 payable )
On 1/4/2020 you have to carried forward as oping balance Leave encash Expense payable 19-20 A/c
on 7/8/ 2020 you pass entry
Leave encash Expense 19-20 A/c Dr
To Bank A/c A/c. Cr
( Expense of 19-20 paid) .
Leave encash Expense payable 19-20 A/c will under provisions , liability Side .
Leave encash Expense A/c Dr
To Leave encash Expense payable 2019-20 Cr
( Being leave encash Expense from Jan 10 to Dec19 payable )
On 1/4/2020 you have to carried forward as oping balance Leave encash Expense payable 19-20 A/c
on 7/8/ 2020 you pass entry
Leave encash Expense 19-20 A/c Dr
To Bank A/c A/c. Cr
( Expense of 19-20 paid) .
Leave encash Expense payable 19-20 A/c will under provisions , liability Side .
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