I want school fees entry under which head it comes in tally
10 Replies
prasad Nilugal
(3924 Points)
Replied 21 May 2021
If you are maintaining School books of Accounts in Tally ERP 9 , then school fees received by school will be under the head Income of Income & Expenditure A/C .
J.E will be
Bank A/c Dr
To School Fees A/c Cr
( Being school fees received for the month)
J.E will be
Bank A/c Dr
To School Fees A/c Cr
( Being school fees received for the month)
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 21 May 2021
School fees is indirect expenses.
School expenses a/c dr
to Cash/Bank a/c
P/L a/c dr
to school fees a/c
School expenses a/c dr
to Cash/Bank a/c
P/L a/c dr
to school fees a/c
prasad Nilugal
(3924 Points)
Replied 21 May 2021
How one can include school fees in Business , or Business expense . It's personal expense of Students . It's only income of school .
CA Jaswanth S
(Practicing Chartered Accountant)
(119 Points)
Replied 21 May 2021
If the school fee received is related to school books of accounts, then Mr. Prasad Nilugal is correct but in case if in the case school fee is paid by an individual doing other than the school business as his children school fee, it should be charged to capital account and can be claimed as a deduction u/s 80C upto a limit of 1.5 lakh @ time of filing ITR
prasad Nilugal
(3924 Points)
Replied 23 May 2021
But Vijayalakshmi madam who ask this query , still not clarified , that she has received School fees or paid school fees . If she maintaining School accounts then she received school fees .so we can't decide , it's Expenditure or income , her clarification is necessary .
Nayan Medic
(Professional + Student)
(343 Points)
Replied 31 May 2023
School fees can be categorized under the "Indirect Expenses" head. This is because school fees are considered an expenditure for educational services and are not directly related to the core operations of the business.
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