nicky (Ca student) (112 Points)
12 June 2010Hi,, pls answd my query that if any company received bills of expenses 3 months after the issuing of bill,,,then in which date we should maintained a entry in Tally????
is this correct to enter a entry in a issue of bill date???? or a enter in a receiving of bill date??
Please suggest me........
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8310 Points)
Replied 12 June 2010
I think it should be entered in the date which is written on the bill.
BASAVARAJ D.
(Working)
(25 Points)
Replied 14 June 2010
Bill should be accounted on the date when it is actually received. Until that a provision for expense can be made if know the amount of expense. On receiving the bill, the provision amount can be reversed.
CA Kishore Tallam
(Sr Manager - Corporate Account)
(2716 Points)
Replied 14 June 2010
Agree with Basavaraj...
A provision has to be made for the amount and when the actual bill is received, either the provision is reversed and actual amount booked or differential amount is provided or booked (if the bill amount is different from provision).
V AGARWAL
(Director)
(177 Points)
Replied 15 June 2010
The Bill has to be entered on the date of Invoice itself, however, if the bill is stiil not received ,
then ,make a provision for it.
Make sure the provision is reversed and the Expense booked as and when you receive
the bill.
Expense account Dr
To Provision for expenses account
On receipt of Bill
Provision for expenses account Dr.
To Cash/Bank
Raviprakash
(Chartered Accountant)
(49 Points)
Replied 01 May 2011
In my opinion accounting is to be made on receipt of goods into the business premises.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 02 May 2011
| Originally posted by : nicky | ||
 |
Hi,, pls answd my query that if any company received bills of expenses 3 months after the issuing of bill,,,then in which date we should maintained a entry in Tally???? is this correct to enter a entry in a issue of bill date???? or a enter in a receiving of bill date?? Please suggest me........ |
 |
bill of expenses received after 3 month of issue? did not the company paid for the same? if yes , then how?
enter the bills on payment basis or receipt date whichever is earlier.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 22 May 2011
| Originally posted by : BASAVARAJ D. | ||
|
|
Bill should be accounted on the date when it is actually received. Until that a provision for expense can be made if know the amount of expense. On receiving the bill, the provision amount can be reversed. |
|
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 22 May 2011
Fully agreeed wit wat V Agrrawwal says.,
Srikanth.M
(Accountant)
(24 Points)
Replied 28 May 2011
Hi,
Iam Srikanth.M working in Pvt Ltd Company Please provide the monthly salary statement along with TDS calculation and my office Rent is Rs.60000/- pm so please advise me.
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