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Chart of accounts is used by accounts receivable or accounts payable?
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∙ 14y ago
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Chart of accounts is used for compiling General Ledger and financial accounts by Accountants.
AR and AP use aged trial balance
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∙ 14y ago
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General ledger account?
There are several different accounts that are used in the general ledger. Some of these accounts include cash, accounts receivable, inventory, notes payable, accounts payable, and customer deposits.
Which accounts payable procedure can be used to locate unrecorded liabilities?
Yes, Current Liabilities are liabilities that will be paid off in one year or less. Accounts payable is where you record such liabilities. If it's a payment that will be made in more than one year...accounts payable is a liability.Accounts Payable is a liabilitynone Chart of accounts is used for compiling General Ledger and financial accounts by accountants. AR and AP use aged trial balance.
What are controlling accounts and subsidiary ledgers?
A control account is an account found in the general ledger such as accounts receivable,accounts payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are used to check the accuracy of those entries.
Which sap module is used by accounts payable?
SAP A/P Module is used for Accounts payable.
What companies use accounts receivable system?
Accounts receivables relates to credit customers. Sales on credit will go through receivables as well as any credit notes and payments for those sales. How_do_you_use_account_payble_and_receivableThese are basic accounts. Accounts Payable is used by one company to record the amount owed to it by another company or person. Accounts payable is a liability account. Say your company purchases.
Accounts payable ledger used in a complete sentence?
SM still has an accounts payable to the proctor and gamble company.
What are common input files for general ledger?
Common input files for the general ledger include Accounts Payable, Accounts Receivable, Payroll, and Payroll Tax Liabilities. Other accounts will become necessary depending on the type of business, like Amortization of Assets used in the business.
When an accounts payable subsidiary ledger is used the entry to Accounts Payable requires two posting references in the general journal?
yes
Are payables accounts used in cash basis accounting?
Cash basis accounting is a method under which cash is immediately paid or received as transection occured and no future payment or receit is recorded that's why there is no use of payable or receivable accounts exists in this accounting method.
Are notes receivable liability?
NO, notes receivable is an asset and are listed as such. A receivable is something the company expects to collect over time, account receivable is the account used for accounts that will be paid for in a year or less, while a note receivable is used for ones that are expected to take over a year to pay. Both Accounts receivable and Notes receivable are assets and are listed on the Balance Sheet as such. (GAAP)
What are the uses of cobol language?
COBOL is used primarily in business applications such as Accounting, Payrolls, Accounts Receivable and Payable. It's name gives that away, viz: COBOL is short for Common Business Oriented Language.
What to accounts payable represents account paid to creditors?
It represents you paying all of your credits or loans... meaning, you used your cash to pay for your loans(accounts payable). And this will make cash a Credit and Accounts Payable Debit. Basically using cash to deduct your account payable.
