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Unbilled Sales In the month of march 2020

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Ninad kolankar

34 Points Posted on 19 May 2020

Can I book the Revenue on 31st March for March month sale as Unbilled Revenue in Financial statements, against which I am Raising Invoice In April and paying GST in the month of April..

Replies (5)

Quick Summary

This discussion explores how to account for sales made in March 2020 but invoiced and subject to GST in April. The key is to recognise the revenue in March if goods/services were supplied and payment received, even if the invoice is raised later. This classification differs from an advance payment where goods/services are not yet supplied. The advice suggests raising the invoice with a March date to ensure it's counted for March sales, referencing GST law provisions.

Hariom Viradiya

182 Points Posted on 19 May 2020

Unbilled revenue means
1) Consideration is received from customer
2) Invoice is not yet raised
3) Goods / Service is supplied to customer

Advanve from customer means
1) Consideration is received from customer
2) Invoice is not yet raised
3) Goods / Service is not yet supplied to customer

Apply this criteria to your situation and accordingly make the classification

jashwanth

CA-PRACTICE

400 Points Posted on 19 May 2020

You can issue invoice and pay the amount in april month , but ensure u raise the invoice on march month date . Otherwise it won't be counted in sales for the month of March!