Sir I am very much grateful for MANAGER TEAM for providing such a best business accounting software.
Sir in my business I received Rs 75000 from my customer in the year dec-2017 as advance and entered in liabilities. Now I have completed the job and received the balance payment in the year APR-2018. How to adjust this account.
Thank you very much.
Gayatri Dambal
if you have completed the job then i would assume you have made a sales invoice. receive the balance payment using receive money transaction in your bank or cash account by selecting Accounts receivable under the Account column.
if you had received the advance amount under a liability account, then make a journal entry debiting this account and crediting the Accounts receivable account and the correct customer.