KV Corner

  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 Expenditu