28 July 2010
hi... we have agreed to sell a machine to a party in october. we have not yet made the sales invoice. but we intend to taken a token advance from them. how to account for the same????
we made an advance invoice asking for advance money on the 10-07-10. We receive the advance on the 15-07-10. How to account for this???
further if the sales is made by our foreign co and if we collect the advance on their behalf how to account for it???
CAclubindia
