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Old invoices
Dear sir/madam, Could you plz help me on below situation. We found an invoice belongs to FY 10-11 worth Rs5000(example) for office expenses and this invoice was not posted for AY 11-12. However, we found that invoice now. Could you please advise what entry needs to posted and how to treat this in Balance sheet.
Replies (2)
U can account it even in this year....but such expenses shall be treated as prior period exps and no IT benefit is available for such exps. If the value is significant and if u have enough time to revise financials/ITR, then it can be done. It is cumbersome process....
Thank you Poornima...have a nice day!!!
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