A cheque which received from customers and deposited to the company account and gone through clearing system and not yet credited to the company bank account

What is account payable and receivable?

Account payable is a record of money your company owes to another company/person. Account receivable is a record of money owed to your company by another company/person.

How do you recognize account payable?

Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.

How are credit accounts affected when another company buys them out?

When often another company buys a credit card company, they have purchased your account. Most often, it is business as usual, and payments are directed to the new owner of the account.

What is a state employer account number?

When you pay your taxes to the state, you have an account number that identifies your company. When you pay, the amount is credited to the employer's account. It's the same as paying your taxes using a Social Security number.

What is account pitching?

Account pitching is a term used in the business world. It describes when a person or company is trying to get another company to do business with them or their product.

What is an outstanding deposit?

an outstanding deposit means cash received by the company and recored in their general ledger, but bank has not yet credited the bank account

An official check was sent to a credit card company as payment but it never posted to the credit card but the check amount was drawn from the bank account so who is responsible for tracing the check?

The consumer is, as only he or she has access to the canceled/posted original check. Account information relating to the credited account should appear on one or both sides of the check. It is possible the wrong account was credited.

What is inter-company account?

Account set up for transactions between companies to charge back expenses occured by one company but relate to another company, which you charge back to. BM

What are the necessary journal entries passed while opening the letter of credit?

The following entries you can pass while opening LC's. You can open a control account to maintain how many LC's are opening and settling Example ABC company establishing an LC on the Supplier XYZ company for $ 300,000 in SCT Bank You can open a control account to keep the track of all your LC Transactions is that is opening and closing First Entry: XYZ Company Dr $ 300,000 to SCT Bank LC Establishing Account $300,000(Control Account) Being LC establised in the SCT Bank Second Entry: When you accept the LC ( Liability) that means your goods reached your port and bank send you documents arrival advice SCT Bank LC Establishing Account $ 300,000 (Control Account) SCT Bank LC Acceptance Account $ 300,000 (Liability Created) Third Entry: SCT Bank LC Acceptance Account Dr $ 300,000 To SCT Bank Account (Amount Settled to Party) Fourth Entry Purchase A/c Dr $ 300,000 XYZ Company $300,000 First entry you debited Xyz Company and Fourh Entry you Credited First Entry You Credited SCT Bank LC Establishing Account and Second Entry you credited Second Entry you credited LC acceptance account and Third entry you debited Fourth Entry you Debited purchases and Credited Bank that means your total LC recorded from the opening to settling.

The accounts payable account in the general ledge is?

What the business owes another company (on credit)

Can your salary be paid into a bank account in a different name?

No. A person's salary can be paid only into a bank account that is held by the person to whom the salary is paid. For ex: if I work ABC company and get a monthly salary of USD $3000, the money can be credited only into a bank account that has my name as the account holder. It cannot be paid into your bank account.

Can you have a payable account as a prepayment?

Generally speaking, no. A payable account is a liability account where the company owes something. If you have a payable on your books it's something you "owe" another person/company. Prepayment refers to something that is "prepaid" or paid before hand. Prepaid accounts are generally considered "assets" on your books. For example "Prepaid Insurance" would be listed in your assets. If your company prepays for something, you list it on your books as an asset of some form. If you ordered computers from another company and prepay for receiving them, your books will list this transaction as an account receivable, which is an asset account because now the company you paid the computers for "owes you" and it will be an asset on your account. Now if we reverse this transaction and a company pays your company for computers that it has not received yet, then it becomes a liability on your account (i.e. account payable) because you now owe that company something. Therefore a payable account of any kind can not be listed as a prepayment.

Where is the retirement of an asset recorded?

The "retirement" or "disposal" (as it's usually listed as) is recorded in a couple of different ways depending on how the asset is disposed of. One entry that will not change regardless of how the company disposes of the asset is the account related to said asset. For example, if the company is disposing of a truck, the one account entry that will not change will be Equipment-truck, this account will be credited for the balance. The fact that the fixed asset account has a debit balance, we now credit the account to bring it to a zero balance and remove the truck from our records. Company's may choose to dispose of, sale, or trade the fixed asset. Disposing of the fixed asset does not involve the exchange of money or another asset. Selling of the asset involves receiving cash for the asset. Trading involves receiving another asset in exchange for the asset the company is disposing of. This transaction will affect the balance sheet as it affects the assets of a company.

Can a cellular company representative release information to another individual regarding customer information seen on my monthly bill?

A cellular company is obligated to preserve the privacy of its customers. However, if there is another individual attached to the account, that individual may be entitled to information about the entire account.

Who is credited for famous quote man is known by the company he keeps and also by the company from which his is kept out?

Truman

What company created the Oracle E Business Suite?

The company Oracle can be credited for creating the Oracle E Business Suite. Oracle is a major company that is also credited for creating Java. Oracle is a large, widely known company in today's internet world.

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 are receiveables?

Receivables are an Asset Account, money owed to YOU by another person or company. Whether Current or Long Term.

What is the term for money kept in a checking account?

A checking account is called a "demand deposit" because it is available for transfer to another individual or company by writing a check or draft.

Who is credited for the famous quotea man is known by the company he keepsand also by the company from which he is kept out?

Ronald reagan

What is intercompany transactions?

These are accounts that are set up to post between companies. For instance, one company pays health insurance for it's self and another company. A portion of the payment is an expense of that company and a portion of that payment is due to the first company from the second company. So, instead of the two companies having to pay each other for every transaction every day. The due to/from intercompany account gets credited and debited so that all the transactions for the period (usually each month) are netted and one check is cut.

Can a company director withdrawal cash for drawings account from company?

Yes, but it will be treated as a drawings account.

Who invented Synthroid thyroid medicine?

AbbVie is the company who is credited with the invention or creation of the medication called Synthroid. The company is a spinoff of the Abbott company.

Can you still work when receiveing maternity pay from another company?

if it is a job where the money doesnt go into your account and the boss lets you ..