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If you have an invoice and an offsetting credit memo should you enter them both or not enter either into your accounting system?
Tmgoodwin
yes ente them both tht way if there is a problem down the line you have were you were charged and where you were given the credit back on the charge..always CYOA
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When wct tax is deducted either on advance payment or on booking of invoice?
on the book of invoice...
What is the difference between accounting and banking?
accounting just means that for every penny spent there has to be an offsetting entry eg: I have $50.00 to start with, I came home with $8.50 this means that I have spent $41.50 I now have to "account" for the money I spent, so I will show you my receipts;;; $30.00 for groceries and $11.50 at the drugstore. this is "accounting" Banking just means to go to a Bank and either deposit money into your account or withdrawing it.
How does PayPal invoice work?
A PayPal invoice is a more detailed way of requesting payment from someone else. You can include individual item descriptions and costs, shipping fees, and sales tax. You specify the email address of the customer and PayPal will send the invoice my email. Then the customer can click on a payment option to use either their PayPal account or their credit card to make payment.
What is an adjustment note?
Adjustment notes are also known as credit notes. This document will be used when a customer returns goods because they are either unsuitable or damaged, the amount charged on the original invoice has to be reduced.
Is an invoice an accounts payable?
It can be either accounts payable or receivable. If you owe someone else - the invoice is for the service you provided, it's a receivable. If the invoice is from someone you owe money to for a services - it's payable.
What is the meaning of accounting education?
Accounting education is the what you learn about accounting. You can either go to school or learn the information at your job.
What is an accrual in accounting?
Generally, an accrual is either: 1. An expense you have incurred but have not yet paid. 2. A revenue you have earned but have not yet collected. Accruals are determined at the end of every accounting period (month end). You accrue expenses (Debit Expenses and Credit Payables). You accrue revenues (Debit Accounts Receivable and Credit Revenues) There is an excellent brief tutorial on accruals included with the ACCULATOR. The ACCULATOR (www.acculator.com) helps you solve your accounting homework problems.
Is accounts receivable a real account in accounting and is goodwill a real account in accounting?
Accounting in account real a goodwill is and accounting in account real a receivable accounts is. Real accounts, i.e. Balance Sheet accounts are ongoing perpetual records and represent "real" items; cash, receivables, inventories, accounts payable, invested capital, etc., etc. Accounts receivable and goodwill therefore are both real accounts as they have value in and of themselves.😧😧 Nominal accounts represent items of income and expense. Nominal accounts have no balances at the beginning of an accounting period and change as various debits and credits are applied as a result of activity of income and expense throughout the accounting period. At the end of the accounting cycle the nominal accounts are returned to zero by debiting them by an amount equal to their credit balance if such exists, or crediting an account if it has a debit balance. The offsetting entry of each of these is to a Profit or Loss Account. If after all accounts are zero, the P&L account has a debit balance then operations were profitable (income exceeded expenses), and conversely with a credit balance a loss was incurred. The P&L is then "closed" by either debited or crediting to bring it to zero, whichever is appropriate, with the offsetting entry going to "Retained Earnings", a real account, and bringing the Balance Sheet into balance and leaving all nominal accounts at zero. To put it another way if all debits and credits of the General Ledger are added up, then they will both be equal. But if only the debits and credits of the nominal accounts are added up there will be a difference and that difference, depending on whether it's a credit or debit will be the profit or loss. Similarily if the debits and credits of the real accounts are added they will be different by the identical amount of adding the nominal accounts only opposite.
How does the accounting for sales to customers using bank credit cards such as Master Card and Visa differ from accounting for cash sales to customers?
The Credit Card companies charge a "fee" for each charge sale at the merchant. The fees are either a flat fee or a percentage of the sale total. The fees change from bank to bank and there is no real "standard" to list here, at least that we know of.
If you are provided a company credit card by your employer will it effect your credit score?
Challenge your employer on this question. Much to my surprise my corporate American Express card was on my credit report. Fortunately it showed 40 months of on time payments. The plastic card has my name, but the over all account is in my bosses name and the bill goes to accounting. I never see it. Nobody here, including the owner and the head of accounting realized this was how it worked until I showed them my credit report. So your company may not know either.
What is an explanation of roots of accounting theory?
Roots of accounting theory can be found in either decision theory , measurement theory and information theory.
How do you solve a transaction using double entry system?
First you have to understand the nature of the transaction, and be aware of any special rules for recording the given transaction. When the transaction is recorded in the accounting records as a journal entry, total debts must be equal to total credits for the journal entry. Generally, if a transaction involves the acquisition of an asset or the incurring of an expense, a debit for the amount of the transaction (usually its cost) is recorded. A corresponding credit is made either to the cash account (if the item has already been paid for by cash or check) or to a liability account such as accounts payable (if it has not yet been paid for, which is often the case). In large companies, the initial credit is usually made to the Accounts Payable account , and a separate department will actually pay the invoice for acquired assets or services rendered to the business. When the invoice is paid and a check is cut, a debit is made to Accounts Payable (cancelling out the original credit) and a credit is posted to cash (to show the amount of decrease in the Cash account when payment is actually made).
