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- Advances to and from accounting can be understood as follows:
- If an advance is made by a customer, it is initially recorded by the recipient as a liability, since no performance has yet been completed.
- If the advance is made to a supplier, the payer records it as an asset, since no related receipt and consumption has occurred.
- Advances can also be accounted for as dividends if they are made to all shareholders without repayment or interest1.
- If not all shareholders received advances, they can be accounted for as a reduction of shareholders' equity2.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.If an advance is made by a customer, it is initially recorded by the recipient as a liability, since no performance has yet been completed. If the advance is made to a supplier, the payer records it as an asset, since no related receipt and consumption has occurred.www.accountingtools.com/articles/advanceThe reporting entity should account for the advances as a dividend because they are made to all shareholders and do not provide for repayment or the payment of interest. If, on the other hand, not all of the shareholders received advances, the reporting entity would account for the advances as a reduction of shareholders’ equity.viewpoint.pwc.com/dt/us/en/pwc/accounting_guide… - People also ask
Accounting for advances to employees and officers
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