Trade advance classification

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Accountant for multiple small entities
171 Points Posted on 26 June 2023
Hi Sir or Madam

Could some one please advise trade advances can be classified under Loans and advances in Tally

Thanks in advance
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On 26 June 2023 at 00:46 Report
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Quick Summary
This discussion explores the correct classification of trade advances within accounting software like Tally. While some suggest classifying them under 'Loans and Advances', the consensus leans towards a separate head on the balance sheet. The exact nature of this separate head, potentially related to short-term import/export financing, remains a point of inquiry.

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Profession
28271 Points Posted on 26 June 2023
Trade advance are not classified in balance sheet as loans and advance.
it is classified under a seperate head.
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On 26 June 2023 at 09:33
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"Do the Right Thing...!!!"
128157 Points Posted on 26 June 2023
What is that separate head 🤔
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On 26 June 2023 at 21:15
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Finance
4592 Points Posted on 28 June 2023

@ sabhyasachi is correct. It appears to be some sort of loan related to imports and exports and short term on. I tried to find how it works but not enough web resources. Some else let us know what it is pkease

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On 28 June 2023 at 22:24

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