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1. If i receive one invoice from our contractor on 01.08.10
, but the invoice date 30.07.10. My question is in what date
i should take into account this transcation (i.e 30.07. Or
01.08.10)
2. If i receive a cheque from our customer on 30.08.10 but
its not possible to deposit in the same date, because of
closing of bank hours, it is possible only to deposit the
cheque on next day only. In this case which date i should
taken for account the transcation.
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Answer Posted / muhammed ansar
when we receive an invoice from the creditor it should be recorded on the invoice date itself. On the other hand in case of a cheque it is better to record it on the recieving date.
Cheque is treated as same like cash. When it comes in our hand it is supposed to be credited to the creditors account. In case of any bounce ; it can be returned .
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