Advance In Separate Party Account

Introduction

iVendNext supports booking Customer advances under Liability and Supplier advance under Assets. However, these are only allowed through Payment Entry.

Note: Advance Accounts are restricted to Company currency

1. Prerequisites

To use this functionality, these need to be created first:

'Receivable' type account under Liability for Customer and 'Payable' type account under Assets for Supplier. 

Maintain the above accounts in Company -> Accounts -> Advance Payments section

2. Steps to Create Advance Payments under Liability/Assets

Once a Sales Order or Purchase Order is submitted, you will find an option to create a Payment against it. You can also create a new Payment Entry and manually select values (like Party and payment account). 

The steps to create Advance Payment against Sales Order are listed below:

• Go to Sales Order and click on Make > Payment Entry.

• Set required details and Save. Upon save, the system will update the 'Paid To'/'Paid From' account with the advance account maintained in the company master.

• Submit

3. Allocating Advance to Invoices

Allocation happens in the similar fashion on the Normal Advance Payments. Refer Advance Allocation

Limitations: 

Currently, this type of Advance booking is only supported for Customer and Suppliers party types.

Related Topics

1. Normal Advance Payment