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Advance payment

Explanation

Advance payment: An advance payment, or simply an advance, is the part of a contractually due sum that is paid or received in advance for goods or services, while the balance included in the invoice will only follow the delivery. It is called a prepaid expense in accrual accounting for the entity issuing the advance. Advanced payments are recorded as assets on the balance sheet. As these assets are used they are expended and recorded on the income statement for the period in which they are incurred. Insurance is a common prepaid asset, which will only be a prepaid asset because it is a proactive measure to protect business from unforeseen events.

Printed dictionaries and other books with definitions for Advance payment

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Google previewThe Code of Federal Regulations of the United States of America (1984)

Commercial advance payment means a payment made before any performance of work under ...

Google previewMicrosoft Dynamics AX 2012 R3 Financial Management (2015)

by Mohamed Aamer

In the vendor invoice form, select the vendor ID and enter the invoice number, description, item number, and then the amount, as shown in the following screenshot: An advance payment is a regular business scenario where vendors are ...

Google previewDictionary of International Accounting Terms (2001)

by John Owen Edward Clark

advance payment bond Company's guarantee (usually through its ...

Google previewBlackie’s Dictionary of Banking and Finance

by Blackie

Advance Payment ...

Google previewA Dictionary of Accounting (2010)

by Jonathan Law, Gary Owen

Formerly, an advance payment of *corporation tax payable when a company ...

Google previewRSMeans Illustrated Construction Dictionary (2012)

by RSMeans

advance payment Apartial payment toacontractor made shortly after thecontract issigned. Similar to a down payment. advance payment bond The generic term forthe assurance of performance ...

Google previewDictionary of Project Management Terms, Third Edition (2011)

by J. LeRoy Ward

advance payment (1) Advance of money made by the buyer to the contractor before, in anticipation of, and applicable to ...

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