advance against sales
This query is : Resolved
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???
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???
CMA Ramesh Krishnan
(Expert)
28 July 2010
Advance need to debit the Customer advance account separately and set off while raising invoice
For receiving the money on behalf of foreign company, need to credit foreign company account
For receiving the money on behalf of foreign company, need to credit foreign company account
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