Advance Disclosure in Balance Sheet

chinmoy_unique

Hi Experts,

There is a situation where I need to show a seperate Balance Sheet schedule for Advance Recived from Customer and Advance Paid to Vendor...Pls. suggest how to reslove the same in MSD-NAV

Chinmoy Banerjee

ssingla

Pass journal entry for transferring balance and on 1st day of next financial year reverse it.

chinmoy_unique

ssingla wrote:

Pass journal entry for transferring balance and on 1st day of next financial year reverse it.

There is heading as per Schedule VI of Companies Act, i.e. Loans and Advances under that we need to show advances to supplier and for which we need to prepare a seperate annexure ...my question is how to show the individual Vendor/Supplier wise closing balance in annexture without making any report for that?

mgmutha

Hi,

You can use Dimension, so that when ever any advance is received or paid use Dimension (For. Ex. Advance Dimension -> Yes or No) and on the basis of dimension value and Customer/Vendor Ledger Entry -> Document Type = Payment/Refund you can develop a report which will show Advance Payment / Receipt Amount as on that date.