My company has paid software rent for tally I want to know in what expenense head should I record it.
Please suggest.
3 Replies
narendra
(Accountant)
(281 Points)
Replied 06 December 2019
Renting a software is similar to payment of license renewal fees.
You can book under "Subscripttion Charges" or "License Renewal Charges" under Indirect Expenses.
narendra
(Accountant)
(281 Points)
Replied 06 December 2019
Tip: Try searching for similar questions next time before you post it.
Infact, there is a similar question already answered on this forum.
https://www.caclubindia.com/forum/under-which-head-will-the-expense-on-renewal-of-software-be-classified--508750.asp
hope this helps
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 06 December 2019
Dear Abhishek has your co taken the tally software on rent or co had purchased it. if taken on rent then it will go under rent, rates and taxes head.
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