Accounting question

Joined
Mar 29, 2024
Messages
2
Reaction score
0
Country
United Arab Emirates
Initially the company is paying the visa expenses of Employees and later deducting a percentage of visa expenses monthly from their salary. What will the journal entry for this transaction. In tally how can we create Visa expenses as an indirect expense since we are recovering this amount from their monthly salary?
 
Joined
Mar 30, 2024
Messages
5
Reaction score
0
Country
Ethiopia
To record the initial payment of visa expenses by the company and subsequent deductions from employees' salaries, you can use the following journal entries:

1. Initial payment of visa expenses:
Debit: Visa Expenses (Indirect Expense Account)
Credit: Cash/Bank (Asset Account)

2. Monthly deduction from employees' salaries:
Debit: Salary Payable (Liability Account)
Credit: Visa Expenses (Indirect Expense Account)

In Tally, you can create Visa Expenses as an indirect expense account by following these steps:

1. Open Tally and go to Gateway of Tally.
2. From Gateway of Tally, navigate to Accounting Vouchers by pressing "V" on your keyboard.
3. In the Accounting Vouchers menu, select "Journal" or press "F7" on your keyboard.
4. Enter the date of the transaction.
5. In the Debit field, select or enter the appropriate ledger account for Visa Expenses.
6. Enter the amount of the initial payment in the Debit column.
7. In the Credit field, select or enter the Cash/Bank ledger account.
8. Enter the same amount in the Credit column.
9. Press Enter to save the entry.

To record the monthly deductions from employees' salaries, you can follow the same steps, but instead of selecting the Cash/Bank ledger account in the Credit field, select the Salary Payable ledger account. Enter the deduction amount in the Credit column.

By following these steps, you can create the necessary journal entries and maintain Visa Expenses as an indirect expense account in Tally.
 
Joined
Mar 30, 2024
Messages
5
Reaction score
0
Country
Ethiopia
"Hello everyone,

I am delighted to join this esteemed accountants forum. My name is Eshetie Mekonene , and I am excited to be a part of this community of knowledgeable professionals. I have been working in the field of accounting for number of years and have gained experience in areas such as [mention specific areas of expertise or industries you have worked in].

I believe that forums like this provide an excellent platform for accountants to connect, share insights, and learn from each other's experiences. I am eager to contribute to discussions, offer my expertise, and also benefit from the collective wisdom of fellow members.

I am particularly interested in mention specific areas of interest or topics you would like to explore or discuss, and I look forward to engaging in meaningful conversations on these subjects. I am open to collaborating on projects, seeking advice, and building professional relationships with like-minded individuals.

Thank you for welcoming me into this community, and I am excited to embark on this enriching journey with all of you.

Best regards,
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,775
Messages
27,839
Members
21,814
Latest member
alea2024

Latest Threads

Top