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Project contract: Manage advance received from customer for billing type "fixed price" and for resources/non stocked based.

Posted on by Microsoft Employee

Hi,

How to manage advances for fixed price billing type contract. While using the out of box functionality "advance and retainers" it is violating the Indian CA norms. 

  • MarkB45 Profile Picture
    MarkB45 755 on at
    RE: Project contract: Manage advance received from customer for billing type "fixed price" and for resources/non stocked based.

    Hi Neel,

    What part if the process is not in line with Indian CA norms? Can you explain a bit further as not too familiar with Indian accounting practices.

    Standard postings would be:

    Pre-Bill(advance) invoice:

    Debit: AR Control account (Customer sales account)

    Credit: Defferred Revenue

    Credit: Sales Tax (if applicable)

    Subsequent Invoicing of Actuals (zero invoice if total Pre-Bill value is not consumed):

    Debit: Defferred Revenue.

    Credit: Actual Revenue.

    KR

    Mark

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