Get cash advance from customers is an integral part to deploy the project. However, this raises the important question: "Advance have to invoice no?". This article Accnet will answered in detail, accurate, current regulations, help you understand when to invoice for advance payment and how to handle the situations that arise.
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1. Advance have to invoice?
“The advance has to invoices not?” “Advance contract there must be a receipt?” - The answer is Yes, in some cases, the business must produce the invoice when you receive advance payment from the customer/partner.
According to circular no. 39/2014/TT-BTC of the Ministry of Finance, specified on the invoice when a sale of goods and services, businesses must produce the invoice immediately upon receipt of advance payment or security deposit from the customer, if the amount of the advance that is defined as part of the total value of the contract for sale of goods/provision of services.
2. A bill when receiving the advance
Invoice receipt advance need to follow the following steps:
Step 1: invoicing advance
Follow Article 4 of circular no. 39/2014/TT-BTC and Article 9 of circular 219/2013/TT-BTC invoice must include the full the following information:
- Name, address and tax identification number of the seller.
- Name and address of the buyer (customer).
- Specifies the amount of the advance content advance what is (for example, "advance to the contract of sale of goods XYZ").
- The amount of the advance, the tax rate, the amount of value added tax (VAT) calculated on the amount of the advance.
- The date of invoice.
Step 2: Determine the time of invoice advance
Invoice must be set right when businesses receive the advance amount, not depends on the goods delivered or services completed.
Step 3: invoice Processing advance after the completion of the service/delivery
- When the goods have been delivered/services have been completed, businesses need to establish official invoices for the entire contract value. The amount of the advance which will be deducted from this value.
- If necessary, the business may have to set the adjustment for the difference between the amount of the advance and the actual value of the goods/services.
3. Provisions of the law on the invoice when advance
| Circular no. 39/2014/TT-BTC, Article 16: specified on the invoice when you receive money advance in the transaction of sale of goods and supply services |
3.1. Prescribing the conditions to the invoice when advance
- When businesses receive the advance amount and this amount has been agreed will be deducted from the total value of goods and services that the business offers, then to invoice for this amount of money.
- Invoice must be made immediately upon receipt of advance payment, don't wait until the completion of the service/delivery.
3.2. Rules on cases not invoice advance
If advance payment only intended to ensure the implementation of the contract, are not included in value of goods and services, it is not necessary to invoice. This case can occur when the cash advance is just a deposit, not directly related to the value of the contract.
4. Real examples about the advance to the invoice
Example 1: Business service provider received an advance from customers
Business A service provider, website design, sign the contract with the customer B. According to the contract, customer B will pay 30% of total contract value is 30 million. Business A get account advance this require a VAT invoice for the amount of 30 million as soon as you receive the money.
>>> Business A bill with content "advance of 30% of the contract value website design", stating the amount of the advance is 30 million, the tax rate is 10%, the taxable amount is 3 million.
Example 2: Situation not invoice upon receipt advance
Business C signed a contract with partner D, in which the partners D transfer 20 million dollar deposit guarantee performance of the contract. This amount is not calculated on the value of goods/services.
>> Business C does not need to invoice for the amount of 20 million this because this is only the deposit, not the contract value was determined.
5. Handle the situation arises when to advance to the invoice
In the process of the receipt/invoice for the advance amount, there may arise a number of unintended situation, here's how to handle:
5.1. After receiving advance payment and invoicing, transaction is cancelled
Businesses need to set the minutes cancel the invoice, refund money advance for the clients. Issued invoices should be handled cancel in accordance with the regulations in Article 20, circular no. 39/2014/TT-BTC.
5.2. The amount of the advance initial change due to adjustment of the contract
Business invoice adjusted according to the amount of the advance, send to customers, at the same time noted this change in accounting books.
5.3. Detect flaws on the amount/content on the bill advance after casting
Under the rules, businesses will set a memorandum of agreement with the customer about the flaws, then invoicing adjust/pay bills, replace and send back to the client.
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Problems “Advance have to invoice no?” is considered legal requirements, important factor in financial management business. Hope that this article has provided you with useful information in order to efficiently handle the account of advance in business, from which maintain operations financially stable, legitimate.
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