GST Course

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

malarvannan (accounts executive)     08 November 2011

Advance payment entry -pls clarify.....


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...






 2 Replies

Bhaskar Unnikrishnan CPA CMA

Bhaskar Unnikrishnan CPA CMA (Accounts / Administration)     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

Giridhar S Karandikar (Team Lead)     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



Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Threads

Start a New Discussion

Popular Discussion

view more »

Subscribe to the latest topics :
Search Forum:

Trending Tags