malarvannan (accounts executive) (133 Points)
08 November 2011
Dear Friends
For example. If i give advance payment to supplier(s1) for particular job.
As per my knowledge i update the payment entry in tally -5 lacs. But it will not reflected in accounts receivable in tally
Please clarify...Very urgent...
---yours
malar.D
Bhaskar Unnikrishnan CPA CMA
(Accounts / Administration)
(414 Points)
Replied 08 November 2011
I am not much into tally, but wonder what is the logic of Advance payment to appear as Account Receivable. It is a current expense, but prepaid expenses or WIP in case of construction contracts!!!
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 08 November 2011
Why do you wnat to credit Account Receivable? as It is an payment made to your supplier Account Payable should be debited. Else if it an advance, it will get reflected on your assets side of the BS under Loans & Advances section
Giridhar
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