explain about the prior period expense and also what entry post in tally erp 9 and what effect of this expense in our financial
2 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 21 July 2018
prior period expense or Income means both are not recorded in books of accounts due to any reason in which year they are incured or gain and therfore we have to entered in the books of accounts in the current year .
Tally entry for expense
1) profit & loss A/c (Appo) Dr
To prior period expense A/c Cr
( last year expense )
2) In case you miss any income last year entry will be
prior period Income A/c Dr
To profit & loss A/c (Appo) Cr .
(last year income )
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