Any payments made in advance are recorded as a prepaid expense in accrual accounting for the entity issuing the advance.Īdvances are generally recorded as assets on the balance sheet. ERP 9?Ī payment made in advance or simply an advance is the part of a contractually due sum that is paid or received in advance for goods or services, while the balance included in the invoice will only follow the delivery.
How to adjust advance amount against purchase in Tally.Recording advance payment entry in Tally.ERP 9.Advance payment entry in Tally.ERP 9 - Changes Post GST.
