- What documents needed to show this in firm ?
3 years ago
What documents needed to show that my firm received advance money as cash below 10000 rs from one of the customer ? &
In business, what document to be made invoice or receipt for advance money received ?
&
WithIn how much time period, the receipt or bill of advance money should be made ?
#AyantikaMondal
A.Please consult local Auditor/Chartered Accountant.
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Rameshwar Dadhe
Responded 3 years ago
A.Whatever you may have like invoice or receipt
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A.1) What is your firm related to? In which type of advance is received of Rs.10,000/- for Cash i.e. Raw material etc.?
2) If is advance then you can give a Normal “KACHHA” Receipt as the entire TRANSACTION is NOT Completed. DO clearly mention is as advance, also write BALANCE & estimate Delivery date of product & Do stick a REVENUE STAMP if the Cash received by you is Above Rs.500/-
3) INVOICE is generally the FINAL bill when you give it to your customer when the Goods OR Services are delivered. Such Bill must compulsory include GST- TAX (Other wise this INVOICE? BILL is INVALID)
4) Once you receive the advance you can give the advance Receipt… Refer Point NO.2
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ADV. ANISH PALKAR (High Court)
2) If is advance then you can give a Normal “KACHHA” Receipt as the entire TRANSACTION is NOT Completed. DO clearly mention is as advance, also write BALANCE & estimate Delivery date of product & Do stick a REVENUE STAMP if the Cash received by you is Above Rs.500/-
3) INVOICE is generally the FINAL bill when you give it to your customer when the Goods OR Services are delivered. Such Bill must compulsory include GST- TAX (Other wise this INVOICE? BILL is INVALID)
4) Once you receive the advance you can give the advance Receipt… Refer Point NO.2
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Do show me the entire set of documents & I shall be able to guide you more into this matter.
Your query is answered in detail. We can help you in getting done the same & Complete Legal Documentation works. Hope this information is useful
ADV. ANISH PALKAR (High Court)
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
As a standard practice,
a. you should invoice the total amount/charges of the goods or services,
b. and the advance payment may show as paid as advance and deduct the same from total amount.
c. The remaining amount should show as due payable by ..... ( conditions or date).
As a standard practice,
a. you should invoice the total amount/charges of the goods or services,
b. and the advance payment may show as paid as advance and deduct the same from total amount.
c. The remaining amount should show as due payable by ..... ( conditions or date).
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Suneel Moudgil
Responded 3 years ago
A.1. a one-rupee revenue stamp is required to be affixed on any receipt, the amount or value of which exceeds Rs 5,000/-
2. a paper receiving duly affixed with the one-rupee stamp and cross signature will be a valid document as advance money receipt,
3. generation of the invoice depends upon the delivery of the goods, if the goods are sent through a delivery challan, the Invoice can be made immediately upon confirmation of the delivery of the goods or in case, the delivery is made in parts, the Invoice can be made after confirmation of complete delivery. it depends upon the seller to decide when to raise the invoice.
4. Advance money receipt should be issued immediately upon receiving the cash amount,
you can contact me for a detailed discussion,
2. a paper receiving duly affixed with the one-rupee stamp and cross signature will be a valid document as advance money receipt,
3. generation of the invoice depends upon the delivery of the goods, if the goods are sent through a delivery challan, the Invoice can be made immediately upon confirmation of the delivery of the goods or in case, the delivery is made in parts, the Invoice can be made after confirmation of complete delivery. it depends upon the seller to decide when to raise the invoice.
4. Advance money receipt should be issued immediately upon receiving the cash amount,
you can contact me for a detailed discussion,
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