I paid 10,000 Rs in advance to the employee for meeting his
expenses. The employee met only 5000 expenses and the
remaining 5000 he has to retern to the company. How will
you define it.
Answers were Sorted based on User's Feedback
Answer / guest
Employeer is defined as Supplier in expenses so we need to create Credi memo for that remaining 5000 amount.
Is This Answer Correct ? | 15 Yes | 4 No |
Answer / ravi
First entry Standard invoice for 5000 & then apply for the Prepayment, After that create Credit memo for 5000 /- towards the employee.
Is This Answer Correct ? | 3 Yes | 1 No |
Answer / santosh
For this situation u have to create one invoice type is
debit memo and enter the amount is 5000 RS. go through the
action button choose apply unapply u get to see the payment
window autometically so u get to see payment type is refund
enter the document num (CHECK no of EMPLOYEE)click on
payment......
this is the proceduce to receive prepayment money from
employee or supplier.....
Is This Answer Correct ? | 2 Yes | 3 No |
Answer / anumani
HI,
While creating invoice of prepayment,
Prepayment A\c 10000
To liability A\c 10000.
Payment of the prepayment,
Liability A\c 10000
To bank |cash A\c 10000
While Creating expense invoice,
Expense|charge A\c 5000
To Liability A\c 5000
While Matching the prepayment with the expense invoice,
Expense|charge A\c DR 5000
To Liability A\c 5000
Liability A\c 5000
To prepayment A\c 5000.
NOTE:Here prepayment account still showing the balance of
5000,So we have to get back that remaining amount from the
employee.
1.Create one standard invoice to the supplier and match the
reaming amount to that standard invoice so the remaining
amount would be nullified in the prepayment account.
2.Pass a reverse invoice for the prepayment entry like
Liability a\c 5000
Prepayment a\c 5000.
Is This Answer Correct ? | 7 Yes | 23 No |
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I paid 10,000 Rs in advance to the employee for meeting his expenses. The employee met only 5000 expenses and the remaining 5000 he has to retern to the company. How will you define it.