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Importance of reversing an entry

  • Thread starter Thread starter pranaym
  • Start date Start date
  • Replies Replies 9
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pranaym

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Hello!
I'm in need of X amount in cash. I asked a relative of mine, he can arrange cash and I'll send the same amount in his bank account.
It will be a savings acc to savings acc transfer.
How important it is to reverse the entry? Or we can just ignore it?
 
Hello!
I'm in need of X amount in cash. I asked a relative of mine, he can arrange cash and I'll send the same amount in his bank account.
It will be a savings acc to savings acc transfer.
How important it is to reverse the entry? Or we can just ignore it?
Untill he & your member pay your due taxes . You have nothing to worry about
If amount is more than 10 lakh one need to justify souce if asked ..else be happy
 
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