In business life, an Excel user may need to prepare an advanced payment voucher. In this article, I have discussed step-by-step how to create an Advance Payment Voucher Format in Excel. Follow this and leave us a comment if you find this useful.
What Is Advanced Payment?
Advanced Payment is the payment that a buyer pays before he receives the actual services from the seller. The sellers demand advanced payments to make the buyer confirm the buying, to cover miscellaneous costs, or to have security against non-payment. Another reason for demanding advanced payment is if the client has a history of failing to pay the debt.
The following information is included on payment vouchers:
- First, the sender’s and recipient’s addresses and names.
- Then there’s the transaction number and the transaction summary.
Third, the payment quantity and the designated person’s signature
How to Create Advance Payment Voucher Format in Excel: Easy Steps
The following information is included on the payment vouchers:
- First, the sender’s and recipient’s addresses and names.
- Then there’s the transaction number and the transaction summary.
- Third, the payment quantity and the designated person’s signature
⦿ Step 1: Create a Proof of Transaction to Be Signed
There should be a legal contract signed between the seller and the buyer. Add firm information at the top of the payment voucher right away. As a result, simply follow these instructions.
- To begin, enter the firm name in the E6 cell.
- After that, enter the goods info in the E9
- And the price of the goods in the E10 cell, accordingly.
Read More: How to Make a Cash Payment Voucher Format in Excel
⦿ Step 2: Insert Company or Seller and Buyer Details, Date of Voucher Created, etc.
First of all, under “The details of the payment are as the following:” we are going to fill up the followings:
- At first, in the cells of the upper left corner from B15 to B17, enter the Company/Seller Name, Street Address, and City, ST ZIP Code
- In cells B18 and B19 enter Phone and Email address.
- Now, in the cells of the upper right corner from E15 to E17, enter the Date, Voucher# and Invoice Total.
Now, we will add the information of the Company/Buyer just like the following steps:
- At this moment, we will enter the Name of the Company/Buyer, Street Address and City, and ST ZIP Code in the cells of the upper right corner from E21 to E23.
- Fill in the Phone number and Email address in cells E24 and E25.
- After all of the above steps, now we are going to add the details of the goods in a form of a table.
- The table will have the following columns: SL No., Receipt No., Transaction Method (Cash/ Cheque), Date, and Amount.
- Moreover, we will add spaces for the Name and Sign of the seller and buyer under the table of goods with Payment dates just like the image below
Read More: How to Make a Cheque Payment Voucher Format in Excel
⦿ Step 3: Record Transactions, Total Payment, Advanced Payment, and Payment Balance
As the payment is occurring without the transfer of goods against advance money, the buyer requires a commitment for any delivery issues of goods with witnesses. So, the last section of advance payment can look like the following image.
Read More: How to Make Petty Cash Payment Voucher Format in Excel
💬 Things to Remember
The manufacturing company wants upfront payment to demonstrate customer commitment that they are willing to acquire. Buyers experience a number of critical hazards regarding advance payments. Customers may face problems if the vendor fails to meet the agreement. Furthermore, it may be difficult for purchasers to recover their money if the firm in which they invested declares bankruptcy. Most purchasers choose to pay just when individuals receive whatever they desire.
Download Sample Workbook
You can download the sample workbook from the following download button.
Conclusion
Follow these steps and stages in creating an advance payment voucher format in excel. You are welcome to download the workbook and use it for your own practice. If you have any questions, concerns, or suggestions, please leave them in the comments section below.
