Under GST Regime, Advance Receipt from Register or Unregister Party create our Tax Liability.
In this document we will cover how to pass advance receipt entry.
Scenario A :
Receipt of Advance and Sales or Service Bill has been raised in same month
Scenario B :
Receipt of Advance and Sales or Service bill in different month
Scenario A : Company Received 118000 Rs as Total Amount of Advance including Tax amount (GST@18%)on 1st July and on 10th July Bill has been raise for 200000+36000 Tax = 236000 Rs
Masters : Party Master : Enable Bill wise option in Party Master, State and Registration Type,
Stock Master :
If advance has been received against stock please mention GST Rate and HSN Code of Stock
Service Ledger :
If advance has been received against service ledger please configure SAC and GST Rate for ledger.
Why Nature of Transaction has been set as Not Applicable???
See all service or exp ledger we need to set as Nature of Transaction as Not applicable because same ledger can be used for within same state service or interstate service or exp. Same ledger can be used from registered dealer and can be used for unregister dealer. Hence it is suggestible to keep as notapplicable. Tally will automatic will understand the nature once state has and registration mention at Party level. You can fix your nature of Transaction only when the nature of entry is always fix.
Entry 1 :
Passing Advance Receipt Go to Receipt voucher>>click on Advance Receipt by clicking Select Stock against your advance has been received (Note this will not affect physical balance of stock) If it is against any service then click on ALT+L (Show Ledger)ALT+V>>Select Bank>>Party Name>>
Above entry if final advance receipt entry. Please select proper bill reference as advance receipt After passing entry please check GSTR1 Report
Scenario A :
Receipt of Advance and Sales or Service Bill has been raised in same month
Scenario B :
Receipt of Advance and Sales or Service bill in different month
Scenario A : Company Received 118000 Rs as Total Amount of Advance including Tax amount (GST@18%)on 1st July and on 10th July Bill has been raise for 200000+36000 Tax = 236000 Rs
Masters : Party Master : Enable Bill wise option in Party Master, State and Registration Type,
Stock Master :
If advance has been received against stock please mention GST Rate and HSN Code of Stock
Service Ledger :
If advance has been received against service ledger please configure SAC and GST Rate for ledger.
Why Nature of Transaction has been set as Not Applicable???
See all service or exp ledger we need to set as Nature of Transaction as Not applicable because same ledger can be used for within same state service or interstate service or exp. Same ledger can be used from registered dealer and can be used for unregister dealer. Hence it is suggestible to keep as notapplicable. Tally will automatic will understand the nature once state has and registration mention at Party level. You can fix your nature of Transaction only when the nature of entry is always fix.
Entry 1 :
Passing Advance Receipt Go to Receipt voucher>>click on Advance Receipt by clicking Select Stock against your advance has been received (Note this will not affect physical balance of stock) If it is against any service then click on ALT+L (Show Ledger)ALT+V>>Select Bank>>Party Name>>
Above entry if final advance receipt entry. Please select proper bill reference as advance receipt After passing entry please check GSTR1 Report
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