Tick the Account field and select Accounts Payable from the dropdown list. Enter the amount under the Credit column, tab to the Name column, and select the vendor name from the dropdown list. In the next line, choose the offset account and enter the amount under the Debit column. HowRead More →
Carriage inwards, also termed as transportation inwards or freight inwards, is defined as the costs that are incurred towards the freight and transportation of goods from the warehouse of the supplier to the place of buyer’s business and it is treated as a direct expense and is always reflected onRead More →
Expenses that are personal and private in nature are not allowable as they do not relate to your business. Expenses that are capital in nature (e.g. purchase of fixed assets such as plant and machinery) are not allowable business expenses. However, depreciation of fixed assets may be claimed as capitalRead More →
Because prepayments they are not yet incurred, they should not be classified as expenses. Rather, they are classified as current assets, readily available for use when the company needs them. Prepaid expenses may need to be adjusted at the end of the accounting period. How is a prepaid expense recorded?Read More →