how to do the accounting entries of outstanding expenses, tds and gst if bill is received in Next year ?
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I think you are on the wrong forum. this place you will get answers to HR related questions, not accounting.
From India, Mumbai
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2501From India, Mumbai
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Hi Vijay,
Receiving payment against bills raised during the end of a financial year is immaterial for accounting, as these bills are raised during the accounting year to which they pertain. Likewise, 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 are finalized, 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 the due date (irrespective of whether the billed amount is received or not).
From India, Bangalore
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Receiving payment against bills raised during the end of a financial year is immaterial for accounting, as these bills are raised during the accounting year to which they pertain. Likewise, 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 are finalized, 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 the due date (irrespective of whether the billed amount is received or not).
From India, Bangalore
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