The second entry is to amortize prepaid assets to prepaid expenses when rent is actually consumed. Journal Entry for Advance Received from Customer. The details of the advance should be entered against this customer as well and should leave it open for further input later. The GoCardless content team comprises a group of subject-matter experts in multiple fields from across GoCardless. In some cases, the employee may want to pay back the amount of advance in installments rather than in full at the end of the month. The invoice should reflect the advance already paid and display the balance still due. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/8\/83\/Account-for-Advance-Payments-Step-1.jpg\/v4-460px-Account-for-Advance-Payments-Step-1.jpg","bigUrl":"\/images\/thumb\/8\/83\/Account-for-Advance-Payments-Step-1.jpg\/aid1420320-v4-728px-Account-for-Advance-Payments-Step-1.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"