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Can you cash a social security check at a bank with an empty account?
Probably. It depends on the bank, but any bank worth having an account at will cash government or payroll checks as a courtesy for account holders regardless of the account balance.
What is impress account?
An imprest account is an account that always has the same balance. There are usually no entries made to this type of account (unless you wanted to increase or decrease the imprest amount). A good example is Petty Cash. You open the account by writing a check for, say $250. (Debit Petty Cash, Credit Cash.) The funds are kept in a locked cash box and used to make small incidental purchases (stamps, donuts for a company meeting, etc.). A receipt or voucher is placed in the cash box for each purchase. The cash box always contains $250 in cash and receipts. When the amount of cash is getting low (perhaps under $20), A check is written (and cashed) to replenish the petty cash box. The debits are to the various expense accounts (Postage, Office Expense, etc.) and the credit is to Cash (just like any other check). Then, the cash box is back to $250 in cash and no receipts (they were attached to the check stub). As you see, there was not a second entry to the Petty Cash account. Some companies will have a separate checking account for Payroll which is an imprest account. The account is opened in the same fashion and each pay period, the exact total amount needed for payroll is transferred to that account. The payroll expenses and tax liabilities are recorded in total (as opposed to posting each individual paycheck) and the offset is to the account where the transfer originated. Again, no entries are made to the imprest account.
Who will cash payroll checks?
Some grocery stores will cash your check if you are buying groceries, but most banks or credit unions will also cash your payroll check.
Is undeposited collections considered as cash?
Yes actualy these are cash amount which are waiting to be deposited in bank account and until that it is cash in hand
What is the journal entry for overpayment of payroll taxes?
debit payroll taxesCredit cash
What is the recording entry of payroll?
Debit payroll expense credit cash account
Can you cash a social security check at a bank with an empty account?
Probably. It depends on the bank, but any bank worth having an account at will cash government or payroll checks as a courtesy for account holders regardless of the account balance.
Cashing someone else's payroll check without account?
Is No. 1 - Forgery and No. 2 - Not Possible. you can only cash checks that are payable to your name/account.
How do you cash a check when your bank is out of state?
Generally in order to cash a random check (i.e. not a payroll or government check) you must either cash it at a bank where you have an account or at the bank it's drawn on. With payroll and government checks you have more options, as lots of places are willing to cash those even for non-customers for a small fee.
What is impress account?
An imprest account is an account that always has the same balance. There are usually no entries made to this type of account (unless you wanted to increase or decrease the imprest amount). A good example is Petty Cash. You open the account by writing a check for, say $250. (Debit Petty Cash, Credit Cash.) The funds are kept in a locked cash box and used to make small incidental purchases (stamps, donuts for a company meeting, etc.). A receipt or voucher is placed in the cash box for each purchase. The cash box always contains $250 in cash and receipts. When the amount of cash is getting low (perhaps under $20), A check is written (and cashed) to replenish the petty cash box. The debits are to the various expense accounts (Postage, Office Expense, etc.) and the credit is to Cash (just like any other check). Then, the cash box is back to $250 in cash and no receipts (they were attached to the check stub). As you see, there was not a second entry to the Petty Cash account. Some companies will have a separate checking account for Payroll which is an imprest account. The account is opened in the same fashion and each pay period, the exact total amount needed for payroll is transferred to that account. The payroll expenses and tax liabilities are recorded in total (as opposed to posting each individual paycheck) and the offset is to the account where the transfer originated. Again, no entries are made to the imprest account.
What options are there to cashing payroll check without using check cashing centers?
Banks cash checks. Try opening an checking account.
Who will cash payroll checks?
Some grocery stores will cash your check if you are buying groceries, but most banks or credit unions will also cash your payroll check.
Is cash account real account?
Yes, a cash account is a real account in accounting. Real accounts represent tangible assets, and cash is considered a tangible asset because it is a physical form of currency.
Is undeposited collections considered as cash?
Yes actualy these are cash amount which are waiting to be deposited in bank account and until that it is cash in hand
Does sheets cash payroll checks?
No
What is the journal entry for overpayment of payroll taxes?
debit payroll taxesCredit cash
How do you put the payroll on a balance sheet?
Payroll expenses account goes to Profit & Loss account while Payroll payable is a Balance Sheet Liability item... Journal entry:Payroll Expense Account - DR ...........(P&L)Payroll Payable Account - CR ............(B/S)
