What are the advantages of routing expenses through party accounts.
What can be the demerits if payments are made by directly debiting the expense.
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Routing of expenses through party accounts than direct paymn
Replies (1)
1. Ledger confirmations
2. Multiple classification of expense for same party and same goods.
3. Accrual basis will not be followed.
4. Difficult to conduct applicability of Tds to party.
5. Narration will play a big role and could also be used to confuse auditors.
2. Multiple classification of expense for same party and same goods.
3. Accrual basis will not be followed.
4. Difficult to conduct applicability of Tds to party.
5. Narration will play a big role and could also be used to confuse auditors.
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