Advance | Agst Ref | New Ref | On Account क्या होता है | Tally Prime | Manthir Mahant

In this video, we'll learn that if we make a ledger entry that requires bill-specific details, we must enter the bill details in the voucher entry itself. This allows us to view the bill details, the specific credit period, and obtain the correct outstanding result (balance) for each ledger. However, when there are many entries, it becomes difficult to reconcile invoice payments. This is why creditor and debtor details are maintained at the invoice level, and this is called a bill-wise accounting system. There are four types of bill-wise details. New Reference This is used when passing sales and purchase entries, which will later serve as reference entries passed under the sundry debtors and creditors ledgers. Against Reference This reference is used when we pass receipt entries or payment entries against the references created when the original entries, such as sales and purchases, were passed. Advance This reference is used when an amount is received in advance for any service provided or for any outward supply of goods, or when an amount is paid in advance for a purchase to be made at a future date. In other words, this type of bill-wise detail is maintained where the nature of the service, product, or business terms require advance receipts/advance payments. When tracking these when the business materializes at the time of presenting a bill or invoice, these entries will serve as references. On Account An interest receipt entry and interest payment entry use this type of reference. However, this type of reference is also used when we are unsure about which bill the debtor has paid the amount against. Therefore, all such entries are kept in this reference until it is clear which invoice the amount pertains to. @manthirmahant @TallySolutions Your Questions: How do I raise an invoice for an advance payment? What is the journal entry for advance received? How do you settle differences in the opening balance in Tally? How do you treat advance received under GST? Can we issue an invoice for an advance payment? How much GST is on an advance receipt? How do I request an advance payment from a client? Is GST charged on an advance payment? How do I raise an invoice for an advance payment? What is the journal entry for advance received? How do you settle differences in the opening balance in Tally? How do you treat an advance received under GST? Can we issue an invoice for an advance payment? How much GST is on an advance receipt? How do I request an advance payment from a client? Is GST charged on an advance payment? Hashtags: #advance #Against Reference #New Reference #On Account We hope you understood this Tele Prime video. If you liked the information we provided, please share it with your friends and family. If you have any questions about this, please feel free to ask in the comments section. We will do our best to respond to your comments. We provide the most comprehensive videos for gaining knowledge about Tally educational books from authorized publishers. The content in these videos is derived from books written by Tally - the creator of the Tally software. All the videos available here are designed for individuals, organizations, operators, job applicants, both inexperienced and experienced, who want to gain the correct knowledge of Tally software needed to land their dream job.