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how we will make the invoice agt the material sold to other
party with the VAT adjustment. Also please pass the journal
entry of all process.
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Answer Posted / dharmendra jha
Journal Entry for making Invoice
Party A/c ......Dr.
To, Material A/c
To, Output Vat A/c
Journal Entry for vat reconcilation
output vat a/c ......Dr
To, Inputvat A/c
To, Bank/cash A/c (Diff. of output-input)
Journal Entry for receiving the payment
Bank A/c .............Dr
To, Party A/c
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input vat, wht use in wct
1.recivable and payble 2.pf,tds,esi
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"A" has two divisions of "B" and "c".In our system we have two vendor accounts of B&C.We have received one Non PO invoice of B and posted wrongly in C and its got paid.While reconciling the account we got this error is happend.We contacted the C and asked for refund.But C said,he transfer internally the amount directly to B and he will not refund the amount.How we will settle this entry in our books. If we reverse the entry...there is one invoice needs to be reverse and payment doc needs to be reverse..how we can settle this in our books...
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