Advance Receipt from Customers in Tally ERP9

Based on Terms and Conditions between seller and buyer, the seller has a right to collect an advance payment against supplying of goods, the received advance amount will appear in seller books of accounts in the balance sheet under current liabilities as an advance from customers.

 

 

Example

 

Wisdom media agreed to supply of goods worth of Rs.2,00,000/- to Raj Enterprise and the terms & conditions are below.

 

1.40% Advance and remaining against delivery

 

2.5% Vat extra

 

 

 

Group Creation

 

Path: Gateway of Tally -> Accounts Info -> Groups > Create

 

Name: Advance from customers

 

 

 

 

Ledgers Creation

 

Path: Gateway of Tally -> Accounts Info -> Ledgers > Create

 

Name: Advance from Raj Enterprises

 

 

Press enter to save the screen

 

 

 

Name: Raj Enterprises (Sundry debtors)

 

 

Press enter to save the screen

 

 

 

Name: Sales@5%

 

 

Press enter to save the screen

 

 

 

Name: Output vat@5%

 

 

Press enter to save the screen

 

 

 

Advance Received Accounting Entry

 

When advance received from a customer, you need to record the below accounting entry in seller books of accounts.

 

 

Press enter to save the screen

 

 

 

Sales Entry in Tally

 

Record sales invoice entry in seller books of accounts.

 

 

Press enter to save the screen

 

 

 

Adjustment Entry

 

You need to record the following receipt entry adjusting advance received amount.

 

 

Press enter to save the screen

 

 

 

 

Related Topics

 

Data Backup and Restore in Tally ERP9

 

Voucher Type Creation in Tally ERP9

 

Purchase Order Processing in Tally ERP9