How to pass an Expense provision Entry if we have not received the Bills ?
Step 1. Create a Ledger "Provision For Expense"(E.g. Provision for Electricity) under General Ledger-->>Chart Of Accounts-->>Liabilities.
Step 2. Go to General Ledger--->>Journal Entries
Step 3. Pass a journal Entries Debit Expense Account and Credit New Account created "Provision for Expense Account.
Step 4. When the Bill for the Expense will come or the Expense actually becomes due. You can pass a reverse Entry by Debiting the Provision for Expenses and creding the Expense Account.
Step 5. Book a new Invoice and Pass a Payment Entry against the same.
How to create provision for this year?
Please follow the steps below to create provision for this year : Expense Tracker >> By Vendors >> Pass invoice entries as per provisional figures as on 31st March. This all will be shown as payable in report# 6. Outstanding Payments - By Expense ...
How to pass a depreciation entry to maintain a Gross Block?
Step 1. Create a Ledger "Accumulated Depreciation of relevant Asset (E.g. Accumulated Depreciation of Computer) under Login to ADDA -->> Admin --->> General Ledger-->>Chart Of Accounts-->>Asset. Step 2. Create a Depreciation head under General ...
How to show the Prepaid Expense?
Step 1. Book an Invoice for the whole amount under Expense Tracker and pass the relevant Payment Entry. Step 2. Create a ledger head "Perepaid Expense (E.g. Prepaid AMC-Lift) under General ledger-->>Chart Of Accounts-->>Asset. Step 3. Pass a journal ...
How to post an Advance Payment against the Expense Vendor?
Step 1: Go to Expense tracker>>By Vendor>>Click on Payment against the vendor name for whom you want to post the advance payment. Step 2:Click on Enter Advance Payment. Step 3:Enter the Payment details>>Click on the post. Note:If are deducting TDS, ...
How to pass TDS entry where TDS is not deducted while booking the invoice?
Please follow the below steps to pass TDS entry where TDS is not deducted while booking the invoice: Step 1: Login to ADDA -->> Admin -->> Dashboard >> Bank & Cash -->> Taxes. Step 2: Select the date Click on TDS -->> Click on Enter TDS Payable >> ...