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Employee advances

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 February 2013 what is the journal entry for advances payin to employees and what when employee pay back its advnces?
what are the step taken by the company if advances paid are not recorable?
what is running advance?
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Amol S Joglekar

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Amol S Joglekar (Expert)
08 February 2013 01. Advance to employee XXX Dr to Cash
02. Expenses (As given by employee) Dr.
Cash A/c dr. (for balance if any)
To Advance to employee XXXX
To Cash (For additional exp incurred by employee)
03. Advance needs to be monitored regularly ...say on weekly basis. It can be deducted / adjusted from the salary of the employee.
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