Balasundaram Choodeswaran

• Oct 10th, 2012

 

When an invoice is generated and sent to the client/customer, the JE to be passed is debit customer account and credit revenue/accounts receivable account. When payment is received from customer, then debit bank account and credit the customer account concerned

shellywade

 Profile Answers by shellywade Questions by shellywade

• Oct 13th, 2012

 

What is your process in adjusting the amount of advance already received against an invoice?

Miranda

• Oct 11th, 2013

 

When an invoice is created, we Dr the Accounts receivable account and Cr the revenue account. When payment is received, we Dr the cash account and credit the receivable account. This clears the receivable debited when the invoice was created. Net effect is Dr to cash and Cr to revenue.

sonu

• Feb 13th, 2014

 

time of invoice

dr---------------- party
cr----------------- sale

time of payment

dr-------------- bank
cr------------- party

SONU

• Feb 13th, 2014

 

AT THE TIME OF ADVANCE PAYMENT RECVD

DR---------------- BANK
CR---------------- ADV PAYMENT

AT THE TIME OF SALES

DR----------------------- PARTY
CR------------------------ SALES

AT THE TIME OF BALANCE PAYMENT PAID

DR--------------------- BANK
DR--------------------- ADV PAYMENT
CR---------------------- PARTY

bhushan adhave

• Nov 1st, 2014

 

At the time of sale on credit the following entry will be posted
Respective Part A/c... Dr
To Sales A/c... Cr
At the time of receiving payment
Cash/Bank A/c.. Dr
To Respective A/c.. Cr

Rahul Dhar

• Jan 16th, 2015

 

Sale on credit
Receivables A/c... Dr
Sales A/c... Cr
When Payment made
Bank A/c.. Dr
Receivables A/c.. Cr

Navabjanm

• Jul 20th, 2015

 

Hi, barbett there are two conditions that occur when we raise the invoice to the customer.

1. When we make a sale then we raise the invoice to get the payment that is receivable.

2. When we provide some sort of service then we raise the invoice to the customer to get the payment.

So the receivable from the customer the the customer will be sundry debtor. (All the receivables should show the debit balance ) entries when sales made and invoice raised
customer A/C DR
Sales A/C Cr (after receiving the payment)
Bank A/C Dr
Customer A/C Cr

When service is made and invoice is raised
Customer A/C Dr
Accounts Receivable A/C Cr

Harjeev

• Nov 6th, 2017

 

Customer to revenue