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Advance Entry in Tally

 

Advance Entry in Tally of both Accounts VVN (Vidyalaya Vikas Nidhi) and SF (School Fund) Accounts in KVs.

 There are three Condition for Settlement of Advance in KVs.

  • Case 1 , 1st Condition : Advance less than Expenditure, in this condition we have to pay remaining amount to concern.
    • Entry Option 1 Payment Entry 
      • Advance Settlement for case 1 (Advance < Expenditure) First, Amount Debit to Expenditure head
      • Than credit the Amount given as Advance to Credit head
      • The Balance Amount given to Concern from Bank. (Amount Credit from bank)


  • Put Narration with complete detail of Advance Settlement. Than save.


  • Entry Option 2 Journal Entry 

    • Advance Settlement for case 1 JV (Advance < Expenditure) First, Amount Debit to Expenditure head.

    • The Balance Amount given to Concern from Bank. (Amount Credit from bank)

    • Than credit the Amount given as Advance to Credit head.


  • Put Narration with complete detail of Advance Settlement. Than save.

  • Case 2 , 2nd Condition : Advance More than Expenditure, in this condition we have to receive the remaining amount from concern.
    • Entry Option 1 Receipt Entry 
      • Advance Settlement for case 2 (Advance > Expenditure) ,  First, Amount given as Advance Credit to Advance head 
      • Than Debit the Expenditure Amount in Expenditure head
      • The Balance Amount Receive from Concern to Bank. (Amount Credit to bank)



  • Put Narration with complete detail of Advance Settlement. Than save.

  • Case 2 , 2nd Condition : Advance More than Expenditure, in this condition we have to receive the remaining amount from concern.
    • Entry Option 1 Journal Entry 

      • Advance Settlement for case 2 (JV) (Advance > Expenditure) First, Amount Debit to Expenditure head. 

      • The Balance Amount Receive from Concern to Bank. (Amount Credit to bank)

      • Than credit the Amount given as Advance to Credit head.


  • Put Narration with complete detail of Advance Settlement. Than save.


  • Case 3 , 3rd Condition : Advance equal to Expenditure, in this condition we have not to receive and not to pay any amount to concern.
    • Entry Option 1 Only Journal Entry 

      • Advance Settlement for case 3 (Advance = Expenditure), First, Amount Debit to Expenditure head.

      • Than Credit the Advance Amount given to concern in Advance head.

  • Put Narration with complete detail of Advance Settlement. Than save.



Please mention comment in comment box for any query or suggestions.

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Comments

  1. AnonymousJanuary 9, 2023 at 9:18 PM

    please sugest foadvance entery in single entry mode

    ReplyDelete

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