New References:

Generally we can use this option when we received a new purchase bill or issued a sales bill. 

This option is used for creating any dues.

Breaking Sale or Purchase Bill amount

into First EMI on _____

Second EMI on ______

Third EMI on ______

Note: This is going to create Due

Agst References: To clear EMI Amount, When company is paid or Recd.

Against References Is used for adjustment against any existing dues.

When Company is reced money agst on First EMI

(First EMI is Cleared)

Pending EMI

Second and Third EMI Remains

If company is recd 2nd EMI money agst on Second EMI

Pending EMI 

Third EMI is Pending

Advance Ref:  Paying or Receiving Advance Money. 

Next in the future date Purchase and Sale to be taken.

This reference is used when any amount is received in advance for any services rendered or for any outward supplies of goods is made or when any amount is paid in advance for purchases to be made at the future date.

On Account:

On account could refer to “payment on account” in which payment is made against a certain customer's account without any reference to a specific invoice. Payments on account are often made for purchases on account where the customer has not yet received a bill or invoice.

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