Nonprofit Accounting Question: Download Nonprofit Accounting PDF
Suppose if assume we paid 50/- as an advance for worth or 100/- goods, but our supplier sent only up to 25/- worth of goods. Know my question is that we want to close the transaction now and how it possible? What about VAT like Tax Setups in AP and AR? What about the SWEEP command in AP?
Answer:
First, there should not be assumptions in transactions. If you received 25 of worth in exchange of 50 advances, you can close it for a temp. The transaction entry would be...Supplier A/c Debit 25Received Goods A/c Debit 25Cash paid A/c Credit 50.
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