Settlement of advances while preparing invoice

This query is : Resolved

SAI (Querist)
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09 September 2017 Dear All

Please consider that one supplier has received an advance of Rs 10,000/- in July and for which he has paid liability in July itself. While preparing the Invoice in August how it should be shown? Whether Invoice has to be made in actual amount or on the amount after reducing the advance received.

Thank you in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 September 2017 Invoice has to be made for actual amount less advance.

SAI

SAI (Querist)
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09 September 2017 Thank you sir. I have another query regarding an invoice which has multiple rates of GST. One of the item has actual amount in invoice as we have not added any profit on the same and billed buyer the exact amount. While uploading invoice it will also be uploaded as its in inclusive of the invoice. Is that correct? or shall we prepare debit note for that particular item separately?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 September 2017 Prepare debit note for the particular item.

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