I had made an advance payment to the supplier. Thereafter the contract got cancelled and the advance is now recoverable. How to post this entry for recoverable. ?
Advance entry is posted from the expenses. Now upon posting the JV from Advance payments to Amount recoverable to record the cancellation. But the suppliers statement is not recording this Journal Voucher posting. It is still reflecting Advance payment. However the Amount due is showing as zero. This representation is confusing. Please advice how to ensure the supplier statement is shown properly Advance payment done and now recoverable.