Advance given treatment in accounts

Pranjal (Student CA IPC / IPCC) (531 Points)

24 November 2014  

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?