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
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
