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What account head can be used in tally for expenses of Pizza?
direct expenses
Where does petrol expenses come in profit and lost account?
Petrol expenses are recorded in the profit and loss account under the category of operating expenses or cost of goods sold (COGS), depending on their nature. If petrol is used directly in the production of goods, it may be classified under COGS. Otherwise, it is typically listed as a selling, general, and administrative expense (SG&A). Proper categorization helps in accurately assessing the company's profitability.
What account head can be used in tally for expenses of Bag for office?
u can create office supplies ledger under indirect expenses group
What account head can be used in tally for expenses related to electrical work and building repair during setting up office?
Indirect expense...
What is a bank account used to pay everyday expenses?
For individuals a cheque or current account.
What account head can be used in tally for expenses of leather bags purchase?
In Tally, the expenses related to the purchase of leather bags can be recorded under the account head "Purchases" or "Inventory Purchases" if the bags are intended for resale. If the bags are for direct use or consumption, you may categorize it under "Office Supplies" or "Miscellaneous Expenses." Ensure to create a specific ledger if you want to track this expense separately for better financial analysis.
Can you use a Health Savings Account (HSA) for expenses from previous years?
No, you cannot use a Health Savings Account (HSA) for expenses from previous years. HSAs are meant to be used for current and future qualified medical expenses.
Are prepaid expenses a nominal account?
Prepaid expenses are the part of nominal account expenses which are not used during the current accounting period. They cannot be charged to profit and loss account as per matching concept. They find place in balance sheet and written off in the next accounting period.
Can I use my HSA for past expenses?
No, you cannot use your Health Savings Account (HSA) for past expenses. HSAs are meant to be used for current and future qualified medical expenses.
What is a 529 account used for in the US?
A 529 account is an account that is used in the United States for people who are saving for higher education expenses. Check out their official website, 529, for more information.
What is a Coverdell Account used for?
A Converdell Account is used for serious savings. It is also known as Converdell Education Savings Account. It is meant to help parents and students save for education expenses.
What is the accounting treatement of miscellanous expenses?
Miscellaneous expenses is used to know theunwanted expenditures at the time of year ended Profit and Loss account.
