What is the accounting entry for Tally software Annual Renewal Fee? whether we have to treat it as Asset? or as Expense??
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 18 April 2018
IT IS SHOWN AS EXPENSE
AND JOURNAL ENTRY WILL BE . . .
SOFTWARE CHARGES A/C ... DR. XXX
TO PARTY A/C XXX
senthilsenthil
(Shri Krishna Associates)
(54 Points)
Replied 18 April 2018
YES IT IS EXPENSES ACCOUNT
DR. SOFTWARE MAINTANANCE
CR. PARTY ACCOUNT
Jay307030
(Propreitor)
(22 Points)
Replied 05 January 2019
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.
Law Aspire
(CS)
(755 Points)
Replied 21 January 2019
i think this is done for furtherance of business , therefore ITC can be claimed under GST
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