Expense A/c / Balance Sheet A/c

[Former Member]

Hi Gurus,

Please clearify my doubt about Expense A/c / Balance Sheet A/c,

As per my knowledge what ever is amount / allowance is paid that will come under Expense A/.c (C),

All Deductions and Employer's contributions comes under Balance Sheet A/c (F). Here my doubt is emplyee having some deductions like statutory deductions comes under Whcih A/c, is it C or F.

And give me your valuable suggestions on this and let me get knowledge about my querry from you people.

I appreciate your valuable support and encouragement,

Thanks,

Hasini

[Former Member]

Got response

[Former Member]

Hi Hasini,

All the statutory deduction will come under C as well as F some times we can maintain two as well, but here the scenario is, we will define the expenses accounts are based on the clint requirement. First confirm with your clint (Business) about their business process according to that we can configure.

Regards,

Dora.

[Former Member]

Hi Gurus,

Can anyone could explain about C and F A/cs.

Thanks

Hasini

Edited by: Sai Vindhya Hasini on Jan 15, 2009 8:48 AM

[vikram_n]

Hi Sai Vindhya Hasini

Here r the balance sheet account

Text A/c Summation

Administration charges EPF&FPF-Payable Business Area

Bank loan Personnel number

Bonus Payable Business Area

T D S  Payable - Salary (Sec 192) - ECESS Personnel number

EPF Payable Business Area

ESI Payable Business Area

Festival Advance Personnel number

Incentive Vendor wise

Labour Welfare fund Payable Business Area

Leave Encashment Payable Business Area

LIC Premium Payable Business Area

Other Loan Personnel number

Profession Tax Payable Business Area

Salary Advance Personnel number

Salary payable Personnel number

Staff Personal loan Personnel number

T D S  Payable - Salary (Sec 192) - Surcharge Personnel number

T D S  Payable - Salary (Sec 192) - Basic Personnel number

Tour Advance Personnel number

Vehicle Advance Personnel number

Bonus Adavance Personnel number

Medical advance Personnel number

Superannuation Payable Business Area

Other Deduction Payable Business Area

Gratuity Payable Business Area

Stamps in Hand & Food Coupon Stock Business Area

Consultancy Charges - Payable Personnel number

P&L Account

Text A/c Summation

Employer Contribution ADM Charges Cost centre

Bonus - Employees Cost centre

Drivers Salary - Re-Imbursement Personnel number

Employer contribution EDLI Cost centre

Employer Contribution EPF Cost centre

Employer Contribution ESI Cost centre

Employer Contribution FPF Cost centre

Employer Contribution LWF Cost centre

Employer Contribution Gratuity Cost centre

Incentive - Employees Personnel number

Leave Encashment Personnel number

Leave Travel Expenses - Re-Imbursement Personnel number

Medical expenses/Reimbursement Personnel number

Salaries-employees Cost centre

Employer Contribution Superannuation Cost centre

Vehicle Maintenance - Petrol Personnel number

Employer Contribution to GSLI Cost centre

Reagrding C,F,K,Q

this is maintanin in symbolic account

this should be maintained according to ur client requriement how the each line iten should be get posted in FI

Thanks & regards

Vikram.n

[Former Member]

HI Vikram,

Thank you for your support,

It is usefull info to me.

Regards,

Hasini

[Former Member]

Hi

All employer contributions will have two entries to be passed in Posting Wage type charactersists.

1) Expense - C

2) Balance Sheet - F

Regards

Team Member.

[Former Member]

Hi,

Can you brief about the below mentioned A/cs

) Expense - C

2) Balance Sheet - F

I would like to know in which account employee deductions are maintained and in which account employer contributions are maintained.

Thanks

Hasini

[Former Member]

In India we use Double entry Book keeping system

It means every entry must have two entries

One entry in expense account and once entery in balence sheet

Then only balence sheet will tally

Warm Regards