20 August 2010
Hello Expert, While creating ledgers in Tally only trade creditors are to be created under Sundry Creditors? If security/AMC/audit fees is provided by X,Y,Z ltd. then XYZ is not a trade creditor....am I correct? so these ledgers (X,Y,Z) will come under the group CL?
If interest is recd. in advance, can the party paying interest be created under CL or in loans(liability)?
Prepaid expenses can be put the group - Loans & Advances? Pls. confirm this.
20 August 2010
You can create sub group like Creditor for- Trader, Creditors for- service, Creditors for- contracts under the main group Sundry Creditors
Interest need to credit under Other Income and debit to the party
CAclubindia
