When should bill be recorded in books of accounts
This query is : Open
17 February 2017
I have a query as to when a Bill should be recorded in the Books of Accounts.
Example:
Bill Received on 01/12/2016
Bill approved by CFO on 01/01/2017
Payment made on 01/02/2017.
Example:
Bill Received on 01/12/2016
Bill approved by CFO on 01/01/2017
Payment made on 01/02/2017.
17 February 2017
Journal Entry should be made on the date of bill received. However the payment entry to be recorded on 01-02-17.
17 February 2017
What if the bill dated 01/12/2016 is received on 05/12/2016 and approved internally on 01/01/2017 by CFO. When should ot be recorded.
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