How to record advances againts customer - vendor

Hello Member's

 

 

I need your help about record advances

 

1- Advance from customer's

2- Advane to Vendor's

 

Like: If we receive advance from customer 

how to record separate advances ledgers and how to view reports whois pay adavnce payment 

for example:  Account Ledger (Advence from customer - under ?? which head

Customer Name: Abc & Company 

 

2- Advance payment to vendor's - under which head???

Party name: xyz company

 

plz help me how to record this transaction in tally.erp 9

 

Thanks

 

Replies (2)
1. For advance from customers
Make a ledger advance from customers under sundry advances or current asset.
2. Advance to vendors again under current liabilities.
but I have one more view for this
like for advance recieved u pass entry
Cash/ bank .... dr
to customer
and when sales is done then
customer... dr
to sales
when u will open balancesheet, then go to debtors, change period as u need and the debtors who are having balances had paid u in advance. Even u can apply filter options like ledgers having dr or cr balance. so your report gets ready there only.
Same u can go for vendors

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