Recording transactions

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2015 Can I record transaction before the date of Invoice? Suppose, If I have incurred expense for the month of April & I will be receiving invoice on 12th may, then when should I account for the same? Please reply as soon as possible.. Thanks

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
Follow

04 May 2015 on which behalf u wil record this

Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2015 on the basis of transactions done by me during the month

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2015 I know the amounts.. I just don't have invoice

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
Follow

04 May 2015 without any supportings you cant make an entry... so you wil need invoice to enter it in ur books

Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2015 So, at which date should i book my expense?

NAVEESH DHAR

NAVEESH DHAR (Expert)
Follow

04 May 2015 In my opinion you can record the transaction with advance account head I.e. against whom you have made the transaction and whenever you get the invoice transfer the same to applicable expenditure head.

Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2015 Hi Naveesh sir.. Can u please elaborate your point? I didnt get you.

Upgrade to CAclubindia Pro. Subscribe Now!

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
Follow

04 May 2015 any payment made can b recorded as an advance... but until we receives bill... i dont think that we can book any such expense.. yes provisions can b made and that too in the month of march usually

Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2015 In my case, I incur traveling Exp that is, I book air tickets. So, I know the amount of Air tickets booked by me through the travelling agency. But I receive 2-3 months bill together after 2-3 months & thereafter I make payment to that party.

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
Follow

04 May 2015 whats the sense of booking at on advance basis... if u have a copy of air ticket then u can book it...

as i told u earlier.. only verbal knowledge wil not work.. u need supporting for each and every entry u make

Message likes : 1 times