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+--- Thread: Accounting treatment for VISA/Working Permit Cost (/thread-accounting-treatment-for-visa-working-permit-cost)
Accounting treatment for VISA/Working Permit Cost - mousekeeter12 - 07-17-2014
Good day,
I am a new accountant here in Dubai. I don't really know what would be the treatment for the cost of working visa/permit. Here in Dubai, visas are for 2 years. I record every transaction for visa on a conservative manner.
My entry is as follows:
Prepaid Expenses - Dr
Cash - Cr
And after every month, i amortized it (based on its 2 years validity) and my entry will be:
Visa and Labour Expenses (Account used by the company from the start) - DR
Prepaid Expenses - Cr
Am i doing it right? Kindly help me on this one
RE: Accounting treatment for VISA/Working Permit Cost - blue_oceans79 - 12-24-2014
Charge it off no need to amotized normally immaterial. i have never seen it being amotized.
RE: Accounting treatment for VISA/Working Permit Cost - Multicare Business solution - 02-06-2015
No need to amortized. Just record it one time only as
Visa and Labour Expenses Dr.
Cash/Bank Cr.