![]() ![]() So post GST it becomes necessary to pass an entry for recognizing tax liability in cases of advance payments to suppliers. With Tally.ERP 9, we can record advance payments made to registered or unregistered dealers in a payment voucher and now can raise liability in journal voucher (GST Tax liability on purchases), and can also record a refund in receipt voucher where such advance payment transaction is cancelled, and cancel the liability (GST Tax liability on purchases) on advance payment in journal voucher. ![]() Also, take a look at a list of how-to videos on TallyPrimeĪdvance payment entry in Tally.ERP 9 - Changes Post GST Read ' 5 Things in TallyPrime for Enhanced Business Efficiency to know how TallyPrime helps your business. ![]() You can multitask without losing the progress, navigate and discover the product much easier, invoice with amazing simplicity and much more to delight you. Simplicity, speed, flexibility, and reliability are a trademark of Tally products and with TallyPrime you will experience them at a whole new level. Update: TallyPrime is the latest version of Tally. So recording of these assets becomes important for future references as these assets will materialize on some point in future and ERP machines keeps a tusk of these entries record it and provide the reference for these entries which helps in recording the material entry at the time of passing the final entry for realizing the actual expenses in books of accounts. Rents, advertisement, Insurance are some of the common prepaid assets we come across in business environment. As these assets are used they are expended and recorded on the income statement for the period in which they are incurred. 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.
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