Shabna AW (Finance Controller) (26 Points)
19 May 2014Hello There,
My concern is regarding the Advance payment. Suppose we make a purchase entry for stock and pays 50% advance on the invoice amount and the remaining on delivery. How can this be entered in tally while this customer is not a permanenet credit client .
Danish
(GST Practitioner)
(219 Points)
Replied 19 May 2014
Hi Shabna ,
If the purchase is on credit (if it is revenue goods) it has to be recorded in purchase register ,and there is no harm in creating one ledger for this said vendor. that could use as evidence to your transactions.you must entry the purchase invoice in full amount while you book purchase.it is mandatory for statutory compliances like VAT if any, is matters to the said purchase, then book the payments to the vendors account as usual.
Shabna AW
(Finance Controller)
(26 Points)
Replied 19 May 2014
Hi Danish,
Thankyou, but im with my basics and very new to tally so could you explain elaborately?My doubts:
* There is no harm in creating a ledger- did you mean to create a normal ledger under purchase a/cs or to create one under sundry creditors for the so vendor?
* the 50% advance payment is done on placing the invoice and the remaining on the delivery of the material. when i try to make a purchase entry, the full stock or goods value is shown, so how can i make a 50% payment on the same?
Many thanks for the help, please let me know if i have to activate any default settings too...:)
me ash
(student)
(29 Points)
Replied 19 May 2014
Akbar khan
(student)
(22 Points)
Replied 19 May 2014
Sahil Bhatia
(Practicing Chartered Accountant)
(290 Points)
Replied 19 May 2014
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