Hi
Doing creditor reconciliation for fy 19-20. And found some issues like turnover discount (CRN)in March Rs 81493 with gst but the same is not reflecting in our books. We are taking this in our Aug 20 return. My query do we need to pass entry in March 20 to match with the creditor statement. Plse advise what journal entry need to pass. TQ
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Year end vendor reconciliation - Discount i
Replies (1)
I’m not sure about this, but to think logically, discount on turnover is given during purchases and will be recognised immediately without any gap in timing. If it is shown in the invoice, then it is technically, must have been an entry error. Sure, everyone recognises it at the earliest and file on the next filing dates.
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