Accounts Payable/Receivable.

jeeshanali · 07-20-2010, 06:54 AM

I am currently doing a manual accouting and I am new to accouting profession...

My CA has requested some details from me.

1.List of your accounts receivables showing names,amount due.
2.List of your accounts Payable showing names and amount owing..

Can someone provide me step by step information exactly wht he required....

Thanks in advance

Jeeshan

ciapk · 07-20-2010, 03:56 PM

Dear,

Step 1 - Obtain manual ledgers
Step 2 - Note closing balances of parties appearing in such ledgers with positive and negative sign along with their names etc.
Step 3 - Prepare separate list for positive balance parties as well as negative balances parties.
Step 4 - Generally negative balances were appear in case of Payable and positive balance were appear in case of receivables.
Step 5 - Go to you CA room.
Step 6 - .............................. best of luck

imdad1 · 07-20-2010, 05:32 PM

Good answer by CIAPk
i would like to add the following to the above
the opening payable/recievable can be traced from last year audited financials
and when u add/less purchases/sales(cogs)
u wil reach closing payable..
)
best of luck

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by jeeshanali
 I am currently doing a manual accouting and I am new to accouting profession...

My CA has requested some details from me.

1.List of your accounts receivables showing names,amount due.
2.List of your accounts Payable showing names and amount owing..

Can someone provide me step by step information exactly wht he required....

Thanks in advance

Jeeshan

<hr height="1" noshade id="quote"></blockquote id="quote">

jeeshanali · 07-23-2010, 07:34 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by jeeshanali
 I am currently doing a manual accouting and I am new to accouting profession...

My CA has requested some details from me.

1.List of your accounts receivables showing names,amount due.
2.List of your accounts Payable showing names and amount owing..

Can someone provide me step by step information exactly wht he required....

Thanks in advance

Jeeshan

<hr height="1" noshade id="quote"></blockquote id="quote">

My company financial year is from 1stjuly 2009 to 30th June 2010

Account Receivable
accounts receivables showing names,amount due.

So my accountant need that billing done in June 2010 but i have receive the payment in the bank in July 2010

Accounts Payable
accounts Payable showing names and amount owing..

So my accountant need suppliers i pay in June 2010 but he cashed the cheque in July 2010..

Is I am Correct ?????

Thanks

Jeeshan

ciapk · 07-23-2010, 03:23 PM

Dear,

There are two basis, Cash basis of accounting vs Accrual basis, in cash basis of accounting there will be no receivable and no payable you will account for only the amount received during the financial year and the amount paid during that year.

In accrual basis of accounting all of the invoices to customers issued whether or not amount is received will be treated as sales and all of invoices of supplier whether or not amount is actually received will be treated as purchases.

jeeshanali · 07-24-2010, 01:28 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by jeeshanali
 I am currently doing a manual accouting and I am new to accouting profession...

My CA has requested some details from me.

1.List of your accounts receivables showing names,amount due.
2.List of your accounts Payable showing names and amount owing..

Can someone provide me step by step information exactly wht he required....

Thanks in advance

Jeeshan

<hr height="1" noshade id="quote"></blockquote id="quote">

Bhaijaan

I am doing accural basis..Soo i am right i need to provide the above details which i have mentioned above to my accountant

Thank

Jeeshan

jeeshanali · 07-27-2010, 03:47 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by jeeshanali
 I am currently doing a manual accouting and I am new to accouting profession...

My CA has requested some details from me.

1.List of your accounts receivables showing names,amount due.
2.List of your accounts Payable showing names and amount owing..

Can someone provide me step by step information exactly wht he required....

Thanks in advance

Jeeshan

<hr height="1" noshade id="quote"></blockquote id="quote">

Waiting for reply

Thanks

Jeeshan

ciapk · 07-27-2010, 05:50 PM

Dear,

In above case only June invoices may not be sufficient, if you have what will be the solution about the unpaid / received invoices which pertains to March April May so onn?