Explain the difference between down payment made and down payment received?
 
Down payment is nothing but advance payment.
 
Down payment made is when the company makes advance payment to its vendors.
 
Down payment received is when the company receive any advance payment from its customers.
 
Sometimes, you can make the payment in advance (that means you have given amount before you receive the goods) and sometimes you will receive the advance payment from customers (you will take amount before you sell the goods and delivered to his premises).
 
Transaction Flow:
 
At the time of receipt Down payment:
 
1. Down payment request - F-37
2. Down payment received from customer - F-29
3. Down payment clearing - F-39
 
At the time of making Down payment:
 
1. Down payment request - F-47
2. Down payment to vendors - F-48
3. Down payment clearing - F-54.
 
Down payments are Special GL items and represented by "A".
 
 
Accounting Entries:
 
Down Payment Request :
 
Vendor a/c Dr. 
To Vendor a/c Dr. (F) - Spl GL
 
Down Payment Made :
 
Vendor a/c Dr.(F)
To Bank a/c
 
Down Payment Request :
 
Customer a/c Dr. (F)
To Customer a/c 
 
Down Payment received :
 
Bank a/c
To Customer a/c (F)

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