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