Query Regaring Accounting Entry & Vat Returns.

A/c entries 1523 views 3 replies

CA Mohd Gouse

Chartered Accountant

497 Points Joined March 2007

Dar Freinds.

I have qeustion to Ask From( Actually Advise).There is so Called Company Where I m Internal/Statutory Auditor.

i Need Advice On following so as waht to do In this Situations.

1) WE Keep Receving purchses Bills\Expenses Bills for the month Of Dec,Jan ,Feb & March During current

Period.what should we do for such .i mean on which date we should Record those bills. as they are of

Last Year.i.e F.Y 2007-08.Becoz if i do Record is say on last dtae 31.03.2008 than i need to change my Vat

Return.what should i do to cope of with this issue???

2) They Record sale of current month to next months 1st day(example for april recorded on 1st may) they

issue sale inv dated 1 st day of next month but sales for the preivous month .which Create issue while

Finalistion as well as On affect vat Returns. on Vat Return.what to do????

can any One help me out?????????????

Replies (3)

Pass entries as and when goods reach. Normally actual value can be easily assessed with the help of quotations received or proforma invoices. Its good to have this control in place to avoid unnecessary complications and fire fighting happening in a later date. The company must streamline their accounting process to ensure prompt accounting of purchases. Sales are well within the control of the company and missing out accounting of sales in time is unpardonable.