hi, if the employee paid in his pocket to purchase for the company...
then question in my mind
1. Can we take inputs credit on these bills.
2.how we can make an entry of it.
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Reimbursement..
Replies (10)
Quick Summary
No input cannot be claimed in that case.
Purchase a/c dr
to Employee a/c
Reimbursement entry
Employee a/c dr
to Bank a/c
Trading a/c dr
to Purchase a/c
Purchase a/c dr
to Employee a/c
Reimbursement entry
Employee a/c dr
to Bank a/c
Trading a/c dr
to Purchase a/c
Employees come under which head?
Employee A/c comes under Current Liability , Balance sheet .
If such invoices (containing GSTIN of the employer) are obtained in the name of the employer, then ITC can be availed.
Yeah, the invoice in the name of the company and gst no mention on it, but paid by the employee
Then you can avail
| Originally posted by : SUMIT BADYAL | ||
 |
Yeah, the invoice in the name of the company and gst no mention on it, but paid by the employee |  |
ITC can be availed in such a scenario. Do not reimburse the employee in cash if bill value is >=10k
Thank you, for guidance
Your welcome
IF THE INVOICE IS ON THE NAME OF COMPANY THEN U CAN CLAIM GST.
PURCHASE A/C DR
TO EMPLOYEE
AT THE TIME OF REIMBURSEMENT
EMPLOYEE A/C DR.
TO (MODE OF PAYMENT)
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