Purchase Date

which date for purchase of material or service should be consider for accounting
1.date mention in bill or
2.date on which material is received
what about the date of service provided to us which date should be considered
service receiving date or bill receiving date. most of the time it happen that bill received after a few days of service provided.please clear me everything.

Normally payment procedure follow according to Company terms.
1, In many companies vendors submit there Invoices same day when they deliver or service the materials.
Thus it counts same day of delivery.
2, In your cause vendor submitting Invoice after few days, so you should consider submission date of Invoice only not Delivery Date.
Hope its clear.
Thanks

Date of delivery shall be considered. For long distance delivery or consignment from overseas, the bill date may be one month back. Again, it depends on the P.O. conditions.
Pon

Hi pon,
Delivery Date is consider as the Delivery challan Date
Invoice date is consider as the purchased Date
Most of the Purchase order Term & Conditions Based on the Invoice date

sorry my dear, Delivery date matters most. The defects liability period starts from the date of delivery but not from invoicing date.
Pon

Good Morning Ankush
Invoices are accounted based on Goods Receipt Note ( GRN ).
GRN shows a date of receipt of material or service ( Inward entry at the company premises ). This date is to be considerd for accounting.
Hope it satisfies you.
Thank You,
Chandrakant

Dear all,
Money is Money. If provides Interest if it is in the Bank. As an employee you should give the Advantage to your Company as they pay you. So it is a Wise Decision to consider the Older Date for Payment. If the Bill Date is later then that date is Considered and the Advantage is benefited to our Organisation. This would also ensure that Vendors produce the Bill on the Same day or the Next Day.
With Regards
IJR