Advance on Account

Advance on Account

 

a sum paid to the staff members of enterprises and organizations for administrative and operational expenditures and for business trips. Advances are given in conformity with the Statute on Management of Cash Transactions, which was ratified by a decree of the Council of Ministers of the USSR on Aug. 6, 1973. The responsible persons submit by a specified time documented reports on expenditures incurred. Unused sums are returned to the cashier’s office. If the amount actually spent exceeds the advance, the responsible person is compensated for the difference after the advance report is approved. If a report on expenditure of advances is not submitted on time or if unspent advances are not returned to the cashier’s office, the enterprise or organization has the right to withhold the amount owed from wages in accordance with the procedures stipulated by existing legislation. Another advance can only be given if the responsible person has fully accounted for the previous one.

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