Advance payments that are settled during invoice posting
The following tables shows the tax entries that are generated for the invoice when an advance payment is settled in various scenarios.
Transaction details | Example | Tax entries that are generated during settlement |
---|---|---|
Invoice = Payment |
Invoice amount: 12,000.00 Payment amount: 12,000.00 |
Related voucher: IGST interim payable account Cr. 2,000.00 IGST payable account Dr. 2,000.00 |
Invoice < Payment |
Invoice amount: 6,000.00 Payment amount: 12,000.00 |
Related voucher: IGST interim payable account Cr. 1,000.00 IGST payable account Dr. 1,000.00 |
Invoice > Payment |
Invoice amount: 24,000.00 Payment amount: 12,000.00 |
Related voucher: IGST interim payable account Cr. 2,000.00 IGST payable account Dr. 2,000.00 |
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