Create a ledger under bank accounts and then save the same.. How to record a journal entry for a tax refund. Process No 2. 2. One can use 3 voucher type to pass a bank Entry in Tally.ERP 9 Payment - To make payment entry. I just received income tax refund for the FY 2009 10 i want to know what should be the accounting entry in my company books if entry will be Income tax refund Dr TO Bank then Income tax refund will come under which head in tally Please reply - Income Tax Tax queries The reversing entry: Dr Bank $1,450 Cr Creditor $1,450 This reverses the original entry and shows you owe the creditor again. Dear Sir, How to pass correct entry for when i give cash to any one for company exp purpose as an loan & adv to XYZ A/c for RS 5000/-(entry – adv to XYZ A/c Dr. -5000/- to Cash A/c -5000/- pass by payment voucher) and then he give the original exp. Process No 1. Depositing cash into bank account is a usual practise,the cash generated through sales process usually deposit into bank . But make sure that if you use tally, you have made the change in gst applicable details of bank charges ledger. then (entry in tally – Exp. Hi all, please find below mentioned details and help me on accounting entries part Folllowing are account balance of ledgers as under - 1. IT refund receivable (AY2011-12) - 8291.00 Dr balance 2. Debit notes in Tally.ERP 9; Creating a Debit Note in Tally.ERP 9; Purchase Return Journals in Accounting. Debit the Expenses Ledger (for cash transactions)/Party Ledger … The 2 accounts do not have to be assets and bank. Go to the accounting vouchers menu and then we need to select what kind of voucher do we need to pass using the bank account. Using double-entry bookkeeping, you reverse the original entries you made for paying taxes. You need to keep a few things in mind to record an income tax refund journal entry. I have seen same query already posted in CCI but the answer was different according to the solution the entry should be... bank/cash a/c dr prakin singhal 06 February 2019 prakin singhal When the Cheque has bounced/returned, now need to pass a reversal entry using a Payment voucher by debiting Debtor and crediting Bank A/c: Note: 1. Provision for IT (AY 2011-12) - 2099056.00 Cr balance 3. There is no entry required when no collateral or security is given. submitted against adv for site exp. Refund received - 118996.00 Tax refunds are not considered revenue. In this scenario, as you have passed Receipt Entry to record payment, it is necessary to pass even reversal/return/bounce entry to balances matches during Bank Reconciliation. You can record a journal entry for a tax refund with the following two steps. 1. BG is Contingent Liability and shown only in Notes to the Accounts. This is called a contra entry because this transaction do not create any result in business,Cash deposit is an internal moving of cash from cash-in-hand to cash at bank. - Michael: ISSUED CHEQUE by: Anonymous Why are the two accounts for a cheque issued by any business are assets and bank? In each example the bank transaction journal entries show the debit and credit account together with a brief narrative. 17 October 2012 Bank Guarantee is non fund based limit sanctioned by banks and other financial institutions. The bank transaction journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting of banking transactions. Refund as per ITR - 37618.00 4. Journal Entry in Tally.ERP9 is a different concept than what we have learned theoretically from our class rooms. A Return outwards Journal or purchase returns journal or purchase debit day book is a prime entry book or a daybook which is used to record purchase returns.