Regarding Prepayment
Posted: Fri Aug 26, 2011 12:59 am
Dear Friend
Can you please settle of my query regarding adjustment to prepayment?
If you can then the case is as under;
This is case related to Advance against Expenses in the name of employee.
Prepayment (issued) = 100,000/-
Adjustments:
Expenses and Others = 60,000/-
Expenses and Others (Taxable in the name of other supplier) = 40,000/-
We need to deduct tax for the expenses Rs. 40,000/- for which we have to make invoice in the name of related supplier. We need to adjust the invoice with prepayment or to apply prepayment to that employee with these invoices against expenses Rs. 40,000/-.
What is the solution and treatment for the same in ERP 12?
Thanks in advance for your anticipation to the matter.
Greetings and Peace!
Mohammad Saad Anwer Siddiqui
Can you please settle of my query regarding adjustment to prepayment?
If you can then the case is as under;
This is case related to Advance against Expenses in the name of employee.
Prepayment (issued) = 100,000/-
Adjustments:
Expenses and Others = 60,000/-
Expenses and Others (Taxable in the name of other supplier) = 40,000/-
We need to deduct tax for the expenses Rs. 40,000/- for which we have to make invoice in the name of related supplier. We need to adjust the invoice with prepayment or to apply prepayment to that employee with these invoices against expenses Rs. 40,000/-.
What is the solution and treatment for the same in ERP 12?
Thanks in advance for your anticipation to the matter.
Greetings and Peace!
Mohammad Saad Anwer Siddiqui