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 pass write off entry for vendors?
Please refer to the below steps to pass write off entry for vendors: Login to ADDA ->> Expense Tracker ->> By Vendor ->>Search for the vendor ->> Click on Payment ->> Below you will find "Write Off Invoice".
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?
Please follow the below steps to show prepaid expenses: Step 1: Book an Invoice for the whole amount under Expense Tracker and pass the relevant Payment Entry. Step 2: Create a ledger head "Prepaid Expense (E.g. Prepaid AMC-Lift) under General ...
How to pass a journal entry?
Journal entries can be used when setting up ADDA and when closing account books. Opening Balances can be added to ADDA by posting the Journal entries and other entries like Depreciations, provisions etc. can be updated through journal entries. Please ...