I have already paid in advance to my supplier but how do I close the final purchase bill? I have paid an amount in advance and on final purchase bill when I’m spending the money the bill does not consider the advance that I have already paid please help me on how to link the advance to the bill to record the transaction easily.
Let’s say you’ve paid $500 in advance to supplier
Brilliant Industries, when this supplier finally sends you a purchase invoice, you can transfer this $500 credit from
Supplier advance payments account to
Accounts payable account.
You can record this transfer of credit as a journal entry under
Journal entries tab:
Thank You For your help.
Your software and your support both are best.