accounting

[Pillaiunnikrishnan]

does an advance received from a client is subject to VAT ? no invoice raised on the client for the advance but a receipt is created in the books when the money is received as advance received for job.

 

[haysdenhth]

The advance payment is subsequently recouped, in installments, by direct deduction from the progress payments made to the c or individial according to the degree of the work completed as certified by the Quantity Surveyor.