Accountancy Forum
Accounting treatment for VISA/Working Permit Cost - Printable Version

+- Accountancy Forum (http://www.accountancy.com.pk/forum)
+-- Forum: The Profession (/forumdisplay.php?fid=4)
+--- Forum: Accounting and Audit (/forumdisplay.php?fid=7)
+--- Thread: Accounting treatment for VISA/Working Permit Cost (/showthread.php?tid=10734)



Accounting treatment for VISA/Working Permit Cost - mousekeeter12 - 07-17-2014 11:37 AM

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 08:12 PM

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 09:51 PM

No need to amortized. Just record it one time only as
Visa and Labour Expenses Dr.
Cash/Bank Cr.