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IVAILLP
February 2, 2021
Question

Advance payment entry

  • February 2, 2021
  • 1 reply
  • 0 views

How to pass advances received from supplier  in quick books ? Like for example : I have received the payment in Jan 2021 of Rs.10 Lakhs whereas invoice for the same will be raised in Feb 2021 then how to book this advance entry in quick books ?

1 reply

RenjolynC
RenjolynC
February 2, 2021

I have the steps you need, IVAILLP.

 

You can create an advance payment for your supplier by following these steps:

 

  1. Go to + New > Advance payment.
  2. Select the supplier's name from the Payee drop-down and choose the bank account from the Bank/Credit account drop-down list.
  3. Add the Payment date and Amount.
  4. Click Save and close.

Please see this sample screenshot for a visual guide:

 

 

If the advance payment includes TDS, you can read this article for the instructions: How do I record an advance payment made to a supplier with TDS withheld?

 

Please let me know if you need more help with QuickBooks Online. Have a great day!

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