17 September 2012
if we receive a bill of any expense of say 1 dec 2011 today for payment so how will we show entries in our books of accounts in TALLY as last FY 2011-2012 has already been closed. The main confusion lies in accounting for the same.
17 September 2012
You can open a New Account Head Prior Period Expenses and Debit Prior Period Expenses and credit Cash/ Bank etc...........
"Prior Period Items are income and expenses which arise in the Current period as a result of errors or omission in the preparation of financial statements of one or more prior periods"
CAclubindia
