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How long must a company keep a credit balance on a dormant account?
Wiki User
∙ 9y ago
How long to keep a credit balance on a customer's account depends on the balance, type of account, and state laws. Generally amounts lower than $10 must be kept on record for 1 year.
Wiki User
∙ 9y ago
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What does dormant accounts mean?
A dormant account is some sort of account or credit line that is open, but inactive. For instance, I have an equity line of credit with a zero balance. It is dormant.
When does accounts receivable have a credit balance?
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
What is the normal balance of a capital account?
Capital account has credit balance as a normal balance of account as it is the amount company requires to return back to it's owner at the time of liquidation.
Is an accouts receivable account in accounting a debit or a credit balance account?
Accounts receivable has a debt balance as normal accounting balance because it is an asset of company.
Impact on accounts payable if the company pays the account?
An account payable is a debt the company owes and maintains a credit balance, the impact on the account if a company pays the debt is a decrease in what the company owes or a decrease in the account payable. This means a debit will be added to the account to "decrease" the balance.
What does dormant accounts mean?
A dormant account is some sort of account or credit line that is open, but inactive. For instance, I have an equity line of credit with a zero balance. It is dormant.
What does accounts means?
A dormant account is some sort of account or credit line that is open, but inactive. For instance, I have an equity line of credit with a zero balance. It is dormant.
What does accounts mean?
A dormant account is some sort of account or credit line that is open, but inactive. For instance, I have an equity line of credit with a zero balance. It is dormant.
When does accounts receivable have a credit balance?
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
Reginald's credit card statement states that his balance is 550 What does the term balance mean?
The 'balance' of his statement is the monetary value of his account with the credit card company. In this case it is the amount he owes the company.
What is the normal balance of a capital account?
Capital account has credit balance as a normal balance of account as it is the amount company requires to return back to it's owner at the time of liquidation.
Can a bank credit deposits in an dormant account?
no
Is an accouts receivable account in accounting a debit or a credit balance account?
Accounts receivable has a debt balance as normal accounting balance because it is an asset of company.
Will credit card company close your account once you pay off your balance?
no
Impact on accounts payable if the company pays the account?
An account payable is a debt the company owes and maintains a credit balance, the impact on the account if a company pays the debt is a decrease in what the company owes or a decrease in the account payable. This means a debit will be added to the account to "decrease" the balance.
What is a credit card balance A?
It is the balance on your account, indicating either how much money you owe or if you have some money in the account.
Is a Credit balance in vendor subsidiary account is an unpaid balance?
Is a credit balance in a vendor subsidiary account an unpaid balance owed?
