I have a business scenario and I don't know the best way to implement it.
I spent a lot of time in searching for below solution or some hint but invain , specifically this accouting entry , this is unique hence posting
My client receives an order and creates a Sales Order. The customer has to make the advance payment. Once the payment is made, outbound delivery is made and goods are issued.
I thought of using a sales cycle and then check the accouting but its difficult to get a accouting entry as below
We will receive $2M as advance from our customer
Dr. Cash 2M
Cr. Liability with Customer 2M
We ship our products to the customer with an invoice.
The invoice should have the following contents
Dr. AR 20,000
Dr. Liability with Customer 80,000
Cr. Revenue 100,000
Liability account Balance 2M