How to reflect customer advance payment in tax report.
here is the case:
Advance payments received against a supply of goods or services are subject to VAT, provided the supply is taxable
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How to reflect customer advance payment in tax report.
here is the case:
Advance payments received against a supply of goods or services are subject to VAT, provided the supply is taxable
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Hi,
In Odoo accounting, you can handle by this way..
1- Create the Advance Payment:
- Create a new journal entry to record the advance payment received from the customer.
- Debit the bank or cash account to reflect the increase in cash.
- Credit a liability account (e.g., Deferred Income) to represent the advance payment received.
2 - Create the Invoice:
- When you create an invoice for the customer, include the products or services being provided.
3 - Allocate the Advance Payment from the Deferred Income account:
- Apply the advance payment received to the invoice to allocate the amount from the liability account.
- In the invoice, add a new line and select the Deferred Income account and allocate the amount in minus.
- Odoo will automatically create a journal entry for the invoice
Hope it helps
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