25 July 2013
During the year end, I passed adjusting entries for outstanding entries like salary, prepaid expenses etc. Do I need to reverse the above entries at the beginning of next year? If yes, how can I do it in Tally? Pls tell me the entries too
26 July 2013
Sir, would u tell how can I pass reverse entries in tally. Can U mention the adjusting entries that need to be reversed and those which NEED NOT be reversed. What would be the date of reverse entry, April 1 or after paying the salary; for instance.
Requesting you to spare a few minutes. Thanks in advance!
26 July 2013
Since the expenses entry you can reverse on 1st April only. reversal just credit the expenses and debit the provision. pass through journal
27 July 2013
Sir, What about Accrued income, Income received in advance, Depreciation etc...... Does all these require adjusting entry on 31st March and reversal entry on 1st April.