TMI BlogSupplier & buyer sales amount not sameX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear sir We are doing job work for 5years. and we found suppier booked sales amount our booked sales amount is different. Suppose we booked 5lakh into Tally system in 2010-11FY as per our tax invoice. But supplier book less amount (4.5lakh) in their ERP. I think they deduct some defective material, lost material etc. Is this possible for accounting system? In my knowledge, it can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not be possible.. worried about this. - Reply By Pradeep Khatri - The Reply = If your customer has deducted some amount due to quantity or quality issues, then, you can ask to them to issue a discrepancy note along with debit note in this regard. After getting the proper reason for deductions you would be able to reconcile the accounts. Further, it is advisable to reconcile the statement of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccounts quarterly basis to avoid such scenarios. - Reply By Naveed S - The Reply = The main point here is that as the sales amount are different , whether the job work charges are paid to you is as per the job work carried out or less. If less amount as job charges are received due to deductions for defective material, lost material etc. then the same can be allowablve only if a note is sent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to you in advance and the same is agreed by you.. - Supplier & buyer sales amount not same - Query Started By: - yujin kim Dated:- 18-4-2012 Value Added Tax - VAT-CST - Got 2 Replies - VAT and Sales Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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