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Accounting treatment for VISA/Working Permit Cost
07-17-2014, 11:37 AM,
#1
Accounting treatment for VISA/Working Permit Cost
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
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12-24-2014, 08:12 PM,
#2
RE: Accounting treatment for VISA/Working Permit Cost
Charge it off no need to amotized normally immaterial. i have never seen it being amotized.
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02-06-2015, 09:51 PM,
#3
RE: Accounting treatment for VISA/Working Permit Cost
No need to amortized. Just record it one time only as
Visa and Labour Expenses Dr.
Cash/Bank Cr.
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