What is Deposit? A customer deposit Rs.15,000/ and he
ordered the goods of Rs.10,000/ against the deposit. Now he
wants the remaining cash back. how do you do in receivables?
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Answer Posted / ashish bisarya
Since the amount deposited was prior to sale, you shud post the amount as an advance GLAC with reference as customer's name.
When you sell, invoice to customer for full and instead of cash, knock-off 10K from advance.
Now your advance GLAC wud show a balance of 5K, which may be paid off or request the customer to utilize @ any future point of time, if is in regular business.
ERPs SAP, Oracle, JDE and MS Axapta allow these transactions without a fuss.
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