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Advance payment

EcoBlockLimitedEcoBlockLimited Member Posts: 1

Can we record advance payment instead of a final invoice? Reason being, advance payment should not attract any tax until final invoice is raised and should not be recorded as 'sales'. Similarly advance payment to vendor should not have any tax.

edited February 1, 2018 in Accounting Technical Support

Comments

  • UHRP3UHRP3 Member Posts: 78 ✭✭

    Create a category Advance Received in Chart of Account and then pass a Deposit transaction with the description as Advance Received

    Once you create an invoice then you can rename the transaction as Invoice Payment

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