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How to record advance paid to Vendors?
How to record advance paid to Vendors?
Harshal Katre avatar
Written by Harshal Katre
Updated over a week ago

Advance payment is a type of payment made ahead of its normal schedule such as paying for a good or service before you actually receive it.

To record advance paid to Vendors follow the below steps:

Expenses > Make Payments > Payment Vouchers

Click on Add New Record.

Select Advance Payment and enter the below details :

1) Pay To : Select from the drop down box the vendor name
2) Pay From : Select the account (Bank name) from which you want to pay.
3) Payment Date: Select the date from drop down
4) Amount : Enter the payment amount
5) TDS applicable Yes/ No : Please select the as applicable or not (If yes Select TDS Selection and Amount)
6) Payment Mode: Cash, Cheque, Credit/Debit Card, Internet Banking
7) Description: Enter the details

Click on Save and its done.

You can see the Advance paid record and can allocate to Purchase/Expenses. The same can be edited.

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