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Customer Advance

Jan 03, 2017 at 10:08 PM

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Hello all ,

We have a scenario and below is the case , please advise how to go about I referred a lot of stuff but didn' t help me .

We get advance from customer , which we record as liability .

We sell some stuff to the same customer , 80% of it should be reduced from the liability and the customer should be billed only for 20%

Sales Order -> Delivery-> PGI-> Billing-> Accounting is the flow

Advance received --> 20,000 $

Sales Order --> 1000$

Billing should be of --> 200$

Liability --> 800$

Customer Dr 200

Liability Dr 800

To Revenue 1000

Liaiblity account == 20,000 - 800 = 12,000$

Looking forward to some helpful answers

Thanks

Aryan

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