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Prepayments are amounts paid for by a business in advance of the goods or services being received later on. Any payment made in advance can be considered a prepayment. A prepayment is not dissimilar to a deposit, but generally falls under a more set time period for fulfillment of the goods or service purchased.
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What does payment term immediate mean?
what is immediate mean
Is prepaid expense and debit or credit?
Prepaid expenses are like current assets, as for current assets payment made but benefit use in future same like prepaid expenses are those expenses for which payment is made in advance but benefit not yet taken like prepaid insurance etc.
What is the journal entry for prepaid expense when cash is not paid?
prepaid expenses are those expenses for which cash is paid in advance but if there is no cash payment then that is not prepaid expense and hence no entry required.
What does 31 days nett payment mean?
It's a payment term meaning: payment due 30 days from the end of the month in which the invoice is raised.
How should I record in Quickbooks a prepaid estimated tax payment. As a prepaid Asset and then adjust it when you pay the actual tax at the end of the year?
This type of payment is actually a pre-paid liability and not an asset. It will be adjusted out as you file your tax return, when it becomes an expense item.
What does payment term immediate mean?
what is immediate mean
Can you book a hotel using a prepaid card as payment?
Yes, you can book a hotel using a prepaid card as payment. However, it is important to check with the hotel in advance to ensure they accept prepaid cards for reservations.
What is the difference between prepaid and fixed term contract?
Prepaid is the same as fixed term!
Do hotels accept prepaid credit cards as a form of payment?
Yes, many hotels accept prepaid credit cards as a form of payment. It is important to check with the specific hotel in advance to confirm their payment policies.
Is prepaid expense and debit or credit?
Prepaid expenses are like current assets, as for current assets payment made but benefit use in future same like prepaid expenses are those expenses for which payment is made in advance but benefit not yet taken like prepaid insurance etc.
The term correct when applied to Certifying Official duties mean that?
the payment is not a duplicate of a previous payment
What is the meaning of lol in payment term?
Lol mean laugh out loud that it mean
Freight prepaid abroad?
It meams that the freight will be prepaid but not at country of origin of goods and yes at another country. For exemple the prepaid freight payment, can be made at destination of the goods.
What is the journal entry for prepaid expense when cash is not paid?
prepaid expenses are those expenses for which cash is paid in advance but if there is no cash payment then that is not prepaid expense and hence no entry required.
What is the accounting for prepaid items?
Prepaid items are those amounts payment of which is made before the expenses so these are current assets for business.
What does the payment term Net 30 mean?
net 30 MF
What does 31 days nett payment mean?
It's a payment term meaning: payment due 30 days from the end of the month in which the invoice is raised.
