FAQ : Document Date Vs Transaction Date ...what is the difference?

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What is the difference between [Document Date ] and [Transaction Date]

 

Answer : With effect from 15/5/2018, we had updated all supplier document postings to add on a new field called [Document Date] and had changed the date field from [Entry Date] to [Transaction Date]

 

The modules including this change are :Purchase Journal, Supplier Credit / Debit Journal

 

Document date is required when supplier sent you their invoice late, after your each month lock date (you had submitted your monthly account)
 
Example you submitted your GST March 2021  on or before April 2021 and had locked the April 2021 accounts.

Your supplier sent their invoice to you in April 2021 for their March 2021 invoices.
 
By then you would need to record in 1st May 2021 as your [Transaction Date] but your document date will follow the supplier's invoice date as [Document Date]

This is in compliance with IRAS GST reporting requirement so that when they check against your supplier's GST, this document is correctly reflected in your supplier's March 2021 accounts and not May 2021.

 

FAQ 1: Can the transaction date be the same as Document Date ? Yes
 
Answer : Yes, if you receive it and take in the transaction in the same month.

                As explained above, the both date will be different if you take in the transaction the next month after the document date.

 

FAQ 2: If I never lock date for every month, can I still backdate my supplier invoice?
 
Answer : Yes, you can. In this case the transaction date will be and can be the same as the Document date
 


 

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