All Respected Members,
Please educate me that how can we record an advance receipt invoice with charging sales tax in accounts ?
For Example:
We have to raise an advance receipt invoice of RS. 100, 000 at rate of 10% sales tax to our clint; how we will record it in accounts.
Further, please also educate that when advance payment against this invoice will receive; how we will record it in accounts too ?
It is requested to please share journal entries of both cases.
I would like to thank in advance to them who will response regarding this query.
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AA-30 How to Record Advance Receipt Invoice in Accounts
Replies (5)
Kind response awaited from respected members specially Nilugal Parsad and Narendra Sir.
Kind response awaited from respected members specially Nilugal Parsad and Narendra Sir.
Sorry for the belated reply .I Didn't get you, but as per my understanding @ My videos, you received advance against the delivery. This is the same as the others, either received earlier or later you will have to credit to the customers account, if customers paid it as an advance, his account's balance is going credited & when you make the invoice it will be balanced. I hope my understanding is correct, if it is apart from that please clarify.
Dear Narendra Sir,
sorry for late response.
I meant that if customer asked us to send advance payment invoice with GST; how we will record it ?
Advance payment will receive to us after processing this invoice by customer.
sorry for late response.
I meant that if customer asked us to send advance payment invoice with GST; how we will record it ?
Advance payment will receive to us after processing this invoice by customer.
Advance payment in your books is a current asset and in the sellers book its deferred revenue liability
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