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DEAR ALL,
HOW TO ACCOUNT THE SALARY ADVANCE A/c. I HAVE TAKEN AN
ADVANCE OF Rs.25000/-. I HAVE DEBITED SALARIES ADVANCE A/c
AND CREDITED THE PETTY CASH A/c in TALLY. I dont't know
whether it is correct or not. If correct, in my individual
ledger no entry is reflected. Alternatively, if I debit my
self and credit petty cash a/c it is reflected in the P & L
Account, but it is not an expense. and not reflected in the
balance sheet, but reflected in P & L. I think I need to
put a journal entry. Like debiting the salary account and
crediting the salary advance account. Is this correct or
not? Can any one help me please. my mail add:
cdvijay100@yahoo.co.in or kmlnkml@live.com
- 13 Answers
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Answer / rajat goel
for advance salary ..entry should be.
In payment voucher(press F5)
Dr. Advance salary(cost center should be open to that name)
Cr. cash/bank
and when actual time comes to pay salary, entry should be...
In Payment voucher (Press F5)
Dr.salary expenses
Cr.advance salary(with cost center to that name)
Cr.cash/Bank
| Is This Answer Correct ? | 82 Yes | 11 No |
Answer / b. kanakarao
1. You have to create a ledger Vijay salary Advance A/c
under ...Loans & Advances. No u make entry
Dr. Vijay salary Adv A/c 25,000
cr. Cash / Bank 25,000
2. While deducting advance from salary u have to make entry
Dr. Vijay Salary A/c 25,000
Cr. Vijay salary Adv. A/c 2,000
Cr. Cash / Bank 23,000
(Being the amount Paid to Vijay towards salary and deducted
Rs.2000/- for salary Adv.1st installment)
3. While deducting total advance at a from his salary, U
have to make entry....
Dr. Vijay Salary A/C 25,000
Cr. Vijay Salary Advance A/c 25000
(Being the amount adjusted his salary towards salary
advance)
| Is This Answer Correct ? | 53 Yes | 5 No |
If you take a salary advance you have to create your
personal account and debit the amount to your personal
account. It means this amount is reflecting in the balance
sheet under sundry debtors. While creating the personal
account the account should be under current assets.
Journal Entry :
ABC account Dr
To Cash
(Being salary advance paid to Mr.ABC)
| Is This Answer Correct ? | 59 Yes | 14 No |
Answer / narayan
when u taking advance entry is salary adv a/c debited and
cash/bank credited.then at time of salary pass a jv salary
a/c debited salary adv a/c credited.at time of entry cost
centre must be taken.
| Is This Answer Correct ? | 35 Yes | 5 No |
Answer / samir
HI i want to create Salary account in Tally
here is fifteen staff what is the procedure
tell me
| Is This Answer Correct ? | 24 Yes | 4 No |
Answer / srinivas annavarapu
First step
while creating Salary Advance account in Tally you need to
create under "Loans & Advances" category. Then it will
appear in Balance sheet instead of P&L account.
And the entry would be
Vijay Salary Advance a/c DR
to cash a/c
| Is This Answer Correct ? | 23 Yes | 6 No |
Answer / ahmad
ADVANCE SALARY WILL BE OUR PREPAID EXPENSES AND SHOW ON
ASSETS SIDE OF BALANCE SHEET AND WILL BE ADJUSTED FULLY OUR
PARITLLAY AGAINST PAYROLL.
ENTERY WILL BE...
AT THE TIME OF ADVANCE
DR. ADVANCE SALARY AC 25000
CR. CASH/BANK AC 25000
AT THE TIME OF ADJUSTMENT
DR. PAYROLL AC 50000
CR. ADVANCE SALARY AC 25000
CR. SALARY AC 25000
| Is This Answer Correct ? | 10 Yes | 2 No |
Answer / mr. he
ABCD A/C 100
TO BANK A/C 100
(When Sal. Adv being madeby cheque)
SAL ADV A/C 100
TO ABCD A/C 100
(Amount being transferred to Sal Adv.)
CASH A/C 10
TO ABCD A/C 10
(If any advance refund in cash)
ABCD A/C 10
SAL ADV A/C 10
(Amount being transferred to Sal Adv.)
SALARIES A/C 1000
SAL ADV A/C 90
ABCD A/C 910
(Amount being adjusted to Salaries)
ABCD A/C 910
BANK A/C 910
(Payment of remianing salary)
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / iqubal khan
I HAVE TAKEN AN ADVANCE OF RS: 25000,
PARTY HAS DEBITED AND CREDITED THE CASH IN TALLY ,
INDIVIDUAL LEDGER ENTRY IN PASS BUT PARTY IS CREAT IN
LEDGER NO JOURNAL ENTRY PASS
| Is This Answer Correct ? | 5 Yes | 1 No |
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