0
Is a record of a transaction that already happened and was paid for?
Wiki User
∙ 7y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What is an accrual journal entry?
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
What is meant by paper transaction?
paper transaction is the transaction against which on credit or cash received or paid it is just in papers
What is paper transactions?
paper transaction is the transaction against which no credit or cash received or paid it is just in papers.
What is the difference between cash-based and accrual-based accounting?
under cash base system of accounting/book keeping transaction is recorded in the books of accounts when actually cash received or paid relevant to the transaction, whereas, in accrual Base system of accounting there is not any compulsion to actually receive or pay cash before recording the transaction in the books of accounts but only evidence of an event is needed to record it!
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).
What is meant by transaction?
paper transaction is the transaction against which on credit or cash received or paid it is just in papers
What is meant transaction?
paper transaction is the transaction against which on credit or cash received or paid it is just in papers
What is an accrual journal entry?
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
What is meant by paper transaction?
paper transaction is the transaction against which on credit or cash received or paid it is just in papers
What effect does settling a mortgage debt for less than what is owed have on your credit?
Typically when a borrower gets to the settlement stage, they are already between three (3) and six (6) months late. In 75% of situations, the lender has already sent a chargeoff transaction line to credit reporting bureaus, so for most people, the damage is already done (and will stay on the record for seven years). Most lenders do not follow-up with the credit bureaus if a settlement is paid, so it is up to you to use the portion of the dispute to provide your side of the story. In this case, your note to the transaction line should include the date on which you reached a settlement and the date on which the settlement was paid.
What is cash basis accounting?
Cash basis accounting is the method of tracking finances at the time that cash is exchanged. So, when a customer pays you cash, you would record the transaction; when you pay for your expenses with cash, you would record the transaction. Cash basis differs from ACCRUAL BASIS accounting, which tracks the funds based on when the transaction created a debt. So, in accrual accounting, you would record a transaction when you issue an invoice (requiring payment) because ACCRUAL accounting recognises this invoice as an asset, even though it has not yet been realised. Similarly, when you receive a bill from a client or utility, that bill (in accrual accounting) is recorded as a debt, even though it has not yet been paid. So CASH ACCOUNTING and ACCRUAL ACCOUNTING differ in the TIMING of the record of when the transaction is paid - at time of exchange of cash/funds or at time of notice of requirement to pay. - Xavier
What is paper transactions?
paper transaction is the transaction against which no credit or cash received or paid it is just in papers.
What does paid in full mean?
"Paid in full" means that all obligations or debts related to a financial transaction have been completely settled or satisfied. It indicates that no further payments are required for that particular transaction.
What is the difference between cash-based and accrual-based accounting?
under cash base system of accounting/book keeping transaction is recorded in the books of accounts when actually cash received or paid relevant to the transaction, whereas, in accrual Base system of accounting there is not any compulsion to actually receive or pay cash before recording the transaction in the books of accounts but only evidence of an event is needed to record it!
Can a stop payment be issued on a check that has already been paid from an account?
No. It has already been paid.
How do you not pay for minecraft but you already paid?
If you already paid, you don't need to pay any more.
What is a form on which a brief message is written to describe a transaction?
A receipt is a form on which a brief message is written to describe a transaction. It typically includes details such as the items purchased, their prices, the total amount paid, and the date of the transaction.
