What is the difference between advance request and advanc...

30/09/2019 09:32 PM

What is the difference between advance request and advance note?

In PDF Templates section there is a type advance request and another type advance note. What is the difference between the two? Which one is related to the advance requisition from employees for expenses?

Riya Sood
07/10/2019 09:38 PM

Advance request module is for the advance requisition from employees for expenses. The amount allocated and approved is debited to employee expense claim account and is offset against actual expense claims submitted by employees. Any difference amount stays in the ledger as debit balance or credit balance depending on whether advance requisition amount was more or incurred expense was more. This amount can either be paid / recovered or can be adjusted against future requisitions or claims. 

Advance note is the amount paid by customer as advance. If the advance is to be adjusted against invoices within the same month, there is practically no need to use advance note. Such advance can be received against a receipt directly. However, if the advance is to be adjusted against invoices over a period of time, then advance note should be used. Advance note has few more features like discounts applicable till be advance amount is adjusted. Therefore, advance note can be used even for specific type of business promotions. An example would be a discount voucher code. Advance note may also have a life period on expiry of which the balance amount is written off and credited to indirect incomes. There are many ways advance notes can be used for different purposes. You can create different types of advance notes with preset properties for each type and each type will behave differently as required. Last of all advance note makes filing of GST in relation to advance (GST on advance and adjustment of GST paid on advance) simpler. 

 

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