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Editorial Board on Accounts and Audit
  • Services completed but bill made on 1.4.2019 next year

    by arun on Thursday, August 22, 2019 at 12:05 PM

    dear sir The company has provided/completed services for the month of march 2019 but instead of raising bill on 31.3.2019, it has raised bill on 1.4.2019. gst was paid as liability for april month. Can i add this amount as sales in f y 2018-19 and second effect show as "UNBILLED REVENUE" because in this way we can do RECO of gst and financials.

    Replied byEditorial Board Thursday, August 29, 2019 at 08:05 PM

    Dear Arun,

    Revenue should be recognised as per accrual method in books of accounts. If billing could not be done then it can be recognised as unbilled revenue.

 
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