on 05-30-2012 8:22 AM
Dear expert,
I have a scenario where we have certain expenses of fiscal year for which we have actually not received invoices/ bills. But as per accounting practices we need to book them as provision at year end. We reverse that provision entry on 1st day next fiscal year. following is example
i have a project -- X with remaining budget Rs 10 at year end and i expect to receive expense of Rs 1 ( bill raised in last week of previous fiscal year but will be received in current year)
as per accounting practice , a provision entry is made on 31.03.2012 of Rs 1.
and now remaining budget is Rs .9
budget transfer is done via CJCO , budget on 01.04.2012 is Rs. 9
since there is no actual bill received provision entry of Rs 1 is to be reversed in current period , i.e 01.04.2012
reversal created Rs -1 assigned budget value in fiscal year 2012.
and now when i am actually booking an expense of 9.1 Rs , i am getting error having 0.1 Rs shortfall in budget , i was expecting -1 Rs assigned value also to be considered.
kindly guide. and let me know if u need more clarification
warm regards
Avinash
Hi Avinash,
What Ruksana has said is right.
1. Just reverese that entry.
2. Do carry forward commitment (CJCO) again. It will carry the Rs 1 to next FY.
Regards,
Pranav
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Dear Avinash,
You have correctly said that once provisional entry is reversed budget should have increased by Re.1 automatically.
You have carryforward the budget with Tcode CJCO and the value was Rs.9. could you please check if this reverasal budget i.e.Re.1 is transfered to FY 2012, or need to be carryforward again.
Best Regards
Ruksana
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nope i tried it doesn't work that way. Since reversal was done in 2012 year , there is no effect on closing budget of year 2011. What i see here is assigned budget column in CJ33 shows negative value. So i am wondering if process i have followed is wrong? and provision for budgeted projects is made via some other method. Please guide.
regards
Avinash
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