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Former Member

Employee Business Advance

I have a requirement on Employee Advances (Travel Advance precisely). When an employee undertakes a travel (say a foreign travel), the company purchases currency from a third party vendor XYZ Ltd. I need to show the forex advance against the respective employees and the liability to be accounted and paid to XYZ Ltd. My company is going with the employee vendor account process. How do I have the advance recorded in the employee vendor account and subsequently when the employee settles the expenses, he/she needs to be either paid or recovered based on the balance in his account



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