Suppose I have given an advance of Rs 10000 on 20th November and recorded in the payment side of the Receipts & Payments account. When I get the expense details later I"ll record the same on the payment side.But then do I need to show the advance given earlier on the receipt side?
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Advance given treatment in accounts
Replies (2)
Yes. When u record the advance given on payment side as expense then it will automatically reduce ur advance balance and the reduced amount will come on receipt side.
Thanks for the reply.Just to get more clarity if the expenses totals Rs 7500 then do I need to record the balance amount of Rs 2500 on the receipt side.
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