Invoice raised for down payment

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Jul 29, 2007, 09:56 PM

linasdg

New Member

Join Date: Jul 2007

Posts: 4

Invoice raised for down payment

Please check if this entry is correct for raising an invoice as down payment:

Debit - accounts receivable
Credit - Down payment

If payment is received:

Debit - cash
Credit - accounts receivable

Therefore down payment still remains payable. Will it be appropriate to use "Down Payment" as an account name? if not, please advise!

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