Advance against performa invoice

A/c entries 568 views 1 replies

sanjay

Accountant

85 Points Joined January 2013

Respected Experts

We have received an performa invoice from our client and as per the invoice we have to pay 40% advance. How make entry. Do i need to open a Advance Anand Ent. under "loans and advance head" and when the actual invoice receive and full payment done, that what would be the entry.

Kindly guide the same.

regards

Sanjay Rawat

Replies (1)

Sachin Rajput

account exe

593 Points Joined August 2011

No need to do that.. Just simply entry Party a/c dr(under sundry Cr) To bank a/c When received bill entry would be 1 entry- Exp a/c Dr To party a/c 2 entry- Party a/c dr (balance 60% ) To bank a/c