The allocation will reduce the Outstanding Amount for that invoice right-away. Once Advance Payment Entries are fetched, you can allocate the Amount of advance against this invoice. On clicking Get Advance Received button, it will fetch the Advance Payment Entries found for that party. When creating an invoice, you can check if there is an Advance Payment against that Party. 2.2 Allocating Advance Payment in Invoice To balance it, $5000 is debited against the Company's cash account. If the Customer has given $5,000 as cash advance, it will be recorded as aĬredit entry against the Customer's Receivable account.
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