I want to know is this entry correct for Advance payable to Someone. Because payment made through RTGS.
Utility A/c Dr.
Advance to Someone A/c Dr.
To Someone's A/c
Menu
Journal Entry for Advance Payable
Replies (16)
No
Advance to (Name of Person) A/c Dr.
To Bank
Advance to (Name of Person) A/c Dr.
To Bank
But payment will be done by rtgs mode so advance should be due than paid
Advance given by you to Party through RTGS transfer
Advance A/c Dr. (Under Group - Loan and Advances)
To Bank
Advance A/c Dr. (Under Group - Loan and Advances)
To Bank
Advance dene se pahle advance payable ki entry karni hai woh punch raha hoon?
Not need to pass payable entry only payment entry required
Pahle ke due amount ke saath advance due karke ek saath payment karna hai isliye advance payable dikhayenge tabhi to ek saath payment kar paayenge kyonki single payment hua hai na ki alag-alag?
Ab tum party ko bill ke against payment karna chate ho
Bill ke against bhi payment dikhana chahte hain aur saath hi advance due karke RTGS Ke jariye dono ka ek saath payment dikhana chahte hain
When advance given to party
Advance to Party A/c Dr
To Bank
When Bill Received from Party
Expenses A/c Dr.
To Party
When payment made against Bill
Party A/c Dr. (Bill amount)
To Advance to Party (Advance amount)
To Bank (Bal amount)
Advance to Party A/c Dr
To Bank
When Bill Received from Party
Expenses A/c Dr.
To Party
When payment made against Bill
Party A/c Dr. (Bill amount)
To Advance to Party (Advance amount)
To Bank (Bal amount)
Procedure of Advance payment and subsequent reflection in Balance Sheet and Pl .
creation of master in Ledger Accounts:
1. if it is a recurring transaction involving some lacs or thousands
create master.
otherwise not.
create party account in master in the software.
creation of master in Ledger Accounts:
1. if it is a recurring transaction involving some lacs or thousands
create master.
otherwise not.
create party account in master in the software.
What should be a journal entry for 'advance received against sales'?
This is in continuation with my previous reply
1.book the bill submitted by vendor
2. dr. relevant expenses
cr. party account
3. in case of advance given to party account.
dr. party account
cr. bank
4. while paying adjust for the balance.
1.book the bill submitted by vendor
2. dr. relevant expenses
cr. party account
3. in case of advance given to party account.
dr. party account
cr. bank
4. while paying adjust for the balance.
When advance received
Cash / Bank A/c Dr.
To Advance received from Debtors A/c
Cash / Bank A/c Dr.
To Advance received from Debtors A/c
Cash /bank dr.
advance received from debtors cr.
balance sheet
It will be shown under
Current liabilities
advance received from debtors cr.
balance sheet
It will be shown under
Current liabilities
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