30 November 2013
Sir, I had send my sales Invoice Rs.30161-70 to the party, same party send me cheque of Rs.30162-00 (Ps.30 more) and secondly I had send my sales invoice Rs.9495-35 to the party , same party send me cheque of Rs.9495-00(Ps.35 Less).how this entry to be pass in Tally? Any discount entry is there under which head to be enter? Waiting for reply. Pravin.
30 November 2013
That difference amount you received excess or less shall be called as rounded off rupee not the discount received or paid because of due to the non availability of paise at the time of making payment we paying rounded to nearest rupee so the difference is due to rounded of rupee, so you have to create rounded of rupee a/c and recognise it under other incomes head and excess received/short paid amount credit to this and short received/excess paid amount debit to this account for your transaction you have to pass following entries
for first transaction
Cash/bank a/c dr 30162 To Party a/c 30161.70 To Rounded off rupee a/c 0.30
(Being amount received through cheque no:XXXXX to the nearest rupee)
for second transaction
Cash/Bank a/c dr 9495.00 Rounded off rupee a/c 0.35 To Party a/c 9495.35 (Being amount received through cheque no:XXXXX to the nearest rupee)
Instead of recognising of rounded off rupee at each transaction at the end of the year the you can pass one entry for the net difference of excess/short amount showing due to recognise rounded off rupee, but my suggestion is recognising of rounded off rupee at each transaction is better and perfect and don't gets any confusion,because of balance set-off and tallied at each transactions and clears bill to bill payment.
CAclubindia
