Advance In Separate Party Account
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.