Reykjavik Hotel Deals; Last Minute Hotels in Reykjavik; By Hotel Type. Reykjavik Business Hotels; Reykjavik Family Hotels; Reykjavik Spa Resorts; Best Value Hotels in Reykjavik; Reykjavik Green Hotels; Reykjavik Luxury Hotels; Romantic Hotels in Reykjavik; By Hotel Class. 4-star Hotels in Reykjavik; 3-star Hotels in Reykjavik; Popular Amenities
What is an 'Advance Payment'. An advance payment is a type of payment that is made ahead of its normal schedule, such as paying for a good or service before you actually receive the good or service.
From Wikipedia, the free encyclopedia. An advance payment, or simply an advance, is the part of a contractually due sum that is paid or received in advance for goods or services, while the balance included in the invoice will only follow the delivery. It is called a prepaid expense in accrual accounting for the entity issuing the advance. Advanced payments are recorded as assets on the balance sheet. As these assets are used they are expended and recorded on the income statement for the period in which they are incurred.