It is good to see you in the Community, gramaswamy!
I'd be glad to help you out by sharing possible scenarios I could think of.
Are you trying to record an advance payment to a vendor? If so, you have two options for this. You can enter in as a prepayment (or a deposit), either by tracking it under Accounts Payable or an asset account.
You can read this article for the detailed steps: Record Vendor Prepayments or Deposits for Prepaid Parts or Services.
However, if you're trying to record a customer prepayment, you can record it as a retainer. Feel free to read this article for more details: How to Record a Retainer or Deposit.
Most importantly, I still recommend checking with your accountant for more guidance. He/she may add suggestions based on what's more suitable for your business and to your books.
Feel free to leave a comment below if you're referring something else or if you have any other questions. Have a good day!