Import payment pending

[yujin kim]

Dear sir

 

Our company has purchased motorized gate in 2007 from outside of India A company.

That time we didn't put this data in Tally by mistake.

Therefore, this data is not shown in our balance sheet.

But right now, we have to pay this amount to A company.

For this not shown amount, how can we pay to A company without problem?

 

 

AI Summary

Import payment compliance: options for settling an unrecorded overseas liability while documenting prior nonpayment reasons.
A company omitted an import liability from its books and seeks to remit payment now; advised approaches include capitalizing the unrecorded liability and documenting prior shortage of funds with no interest, or alternatively refusing payment on an old invoice-each option implicates foreign exchange compliance, accounting disclosure, and commercial risk considerations.