what are the entries for staff taken advance in tally? what
are the ledgers to be created for this and under which group?
and what are the voucher entries when the advance is
refunded?
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Answer Posted / bharathi
Staff Advance (Employee Name) A/c Dr. 5000
To Cash or Bank A/c 5000
(Being Advance taken by Staff)
Staff Advance to be created under Loans & Advances under
Current Assets.
Cash or Bank A/c 5000
To Staff Advance (Employee Name) A/c 5000
(Being Advance Settled by the staff) (for single payment)
---
If Staff Advance is to be adjusted with Salary A/c in five
equal instalments (5x1000) then following entries to be
passed
(for First Month Staff Advance Adjustments towards his
salary a/c)
Salary A/c 8000
To Staff Advance (Employee Name) A/c 1000
To Salary Payable A/c 7000
(Being Salary Paid to (Employee Name) and his first
instalment of Advance account adjusted with salary a/c)
Salary Payable A/c 7000
To Cash A/c 7000
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