Hi,,
Rent bill Receceived , Telephone Bill Received. How can we pass this bill in Tally. It is necessary enter rent bill and telephone bill in tally or can i dirctly show payment entry?
Plz reply
Thanks a lot
5 Replies
Studentsca
(CA Practice )
(3577 Points)
Replied 21 March 2017
Passing the entry in tally will depend upon the system of accounting followed.
If accrual system is followed then following entries to be passed
Telephone bill Dr.
To Telephone bill payable
And when you make the payment
Telephone bill payable Dr.
To cash/bank
However if accounting is done on cash basis then only one entry to be pased at the time of payment
Telephone bill. Dr.
To cash/bank
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 21 March 2017
Accrual basis accounting is the practical way.
Abdul Rauf
(Accounts Practicener)
(76 Points)
Replied 21 March 2017
hi,
Telephone bill payable comes under Current Liability or Indirect Expenses?
Thank you so much
Thanks again
Studentsca
(CA Practice )
(3577 Points)
Replied 21 March 2017
It comes under the head Current Liability
srinivas
(Finance Manager)
(239 Points)
Replied 21 March 2017
"telephone bill payable" comes under current liability and "Telephone bill paid" comes under "Indirect Expenses".
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