March expense payment
This query is : Resolved
17 April 2015
Hi,
Can we book expenses in Mar and payment can be done in next fin. year (April Month) without any provision.
Please brief about provision at the time of books closing.
Can we book expenses in Mar and payment can be done in next fin. year (April Month) without any provision.
Please brief about provision at the time of books closing.
17 April 2015
you need to book exp in march via provisions as per accrual system of accounting and u can pay later in april
17 April 2015
we are booking directly (Not under provision) in Mar and made payment in April, is that wrong.
17 April 2015
what entries u book i march and april kindly provide so?
17 April 2015
yes you can so...!!
if the expense is of march... you need not to make any provision dear... directly book it in march... and automatically while booking it as expense, the party will b credited and stand it in ur liability....
you can pay it off in april or later on
if the expense is of march... you need not to make any provision dear... directly book it in march... and automatically while booking it as expense, the party will b credited and stand it in ur liability....
you can pay it off in april or later on
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