Tuesday 14 June 2022

 Types of Pre-Payments


Lets understand in simple words the meaning and types of pre-payments


Pre-Payment - 

A payment that you make to the suppliers in anticipation of their goods and services. In other words its an advance payment to a supplier.

Types:

1. Temporary - 

For which you ought to receive an invoice in near future. For eg - Deposit to a hotel

2. Permanent - 

No invoices to be received in the future. For eg - lease deposit.

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