how to do the accounting entries of outstanding expenses, tds and gst if bill is received in Next year ?
I think you are on the wrong forum. this place you will get answers to HR related questions, not accounting.
From India, Mumbai
2399From India, Mumbai
Hi Vijay,
Receiving payment against bills raised during/end of a financial year is immaterial for accounting, as these bills are raised during the accounting year to which they pertain.
Like wise Expenses pertaining to the year ending 31st March though they might have been paid subsequently or not paid by the time accounts for the FY is finalised shall be collated and accounted for as 'Accrued Expenses' and booked in the respective year. Similarly TDS/GST charged in the bills shall be shown as 'Current Liabilities' payable in April before due date (irrespective of whether billed amount is received or not).
From India, Bangalore
Receiving payment against bills raised during/end of a financial year is immaterial for accounting, as these bills are raised during the accounting year to which they pertain.
Like wise Expenses pertaining to the year ending 31st March though they might have been paid subsequently or not paid by the time accounts for the FY is finalised shall be collated and accounted for as 'Accrued Expenses' and booked in the respective year. Similarly TDS/GST charged in the bills shall be shown as 'Current Liabilities' payable in April before due date (irrespective of whether billed amount is received or not).
From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.