Tally renewal fee - account treatment

A/c entries 6243 views 4 replies

What is the accounting entry for Tally software Annual Renewal Fee? whether we have to treat it as Asset? or as Expense?? 

Replies (4)

IT IS SHOWN AS  EXPENSE 

AND JOURNAL ENTRY WILL BE . . .

SOFTWARE CHARGES A/C ... DR.    XXX

          TO PARTY A/C                                       XXX

YES IT IS EXPENSES ACCOUNT

DR. SOFTWARE MAINTANANCE 

CR. PARTY ACCOUNT

Can we Claim Input Tax of Software renewal Invoice?

if Yes how can we make Entry in Tally ERP 9?

Please Clear the Confusion regarding this Entry.

i think this is done for furtherance of business , therefore ITC can be claimed under GST

Other views also invited


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