How to make an entry of advance payment, paid to Supplier?
I have selected a supplier name during Advance Payment and select an account Advance to Supplier (Newly created by me in Asset Section) but the advance transaction is not reflecting in Suppliers (Transaction Report). Kindly help me
Has the supplier invoiced you for the advance? If so enter that invoice in Manager and the pay the bill.
If not, please describe the circumstances of this payment.
If we do as you said, first enter the invoice then pay the advance. Balance will be nil than. How can we show its prepaid? We didn’t get the required services/ product from him yet?
Could you please provide your payment edit screen?
If you are required to pay an advance then the balance for the advance is nil, correct.
There is of course another invoice coming for the remainder of the purchase contract, which you will also have to enter.
The alternative is to enter just an invoice for the entire contract and make multiple payments to that.
Which is more correct depends on your purchase contract, timing of cost reporting and local laws.