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How do you write a letter asking for payment of long outstanding dues?
A letter demanding long outstanding dues should delineate when the debt was incurred and the agreed payment schedule that has not been met. The benefits of the membership can also be listed. It may be beneficial to mention that legal action is the next step.
Difference between outstanding expenses and unexpired expenses?
Outstanding expnese is that expense which is already incurred but amount is not paid while unexpired expenses are those expenses for which payment is made in advance but actually expenses are not yet incurred.
What is outstanding and prepaid expenses?
Making liability provision for the expenses relating to current year but actual payment to be incurred in the next financial year is outstanding expenses. Example of this case may be salary arrears. Making payment during the current financial year but actual expenditure is related to next financial year is prepaid expense. This type of expenditures arises in the case of advance payment of taxes on certain categories.
What does it mean to be a balance payer?
A balance payer pays off any outstanding balance of money owing on an account on every payment due date.
What would be the effect of outstanding expense on accounting equation?
As we know, in accounting and book-keeping, expenses are debited in order to cause a decrease in the owner's (or stockholders') equity. So in this case, we record outstanding expense as: ASSETS = LIABILITES + CAPITAL Nil = +(outst. expense) - (outstanding expense) Outstanding Expenses are added to Liabilities because it is business' CURRENT LIABILITY and deducted from CAPITAL because it causes a decrease in owner's equity. NOTE: At the time of payment we deduct it from Liabilities as well as from Cash ( or in JOURNAL ENTRY: we debit Outstanding Expense and credit Cash) ASSETS = LIABILITES + CAPITAL -outst. exp. = -outst. exp. + Nil
Can you sell a car then settle outstanding payment on car?
No. You don't own it to sell it.
When a borrower makes a regular monthly payment to their primary mortgage the amount of the payment that is applied by the lender to reduce the outstanding balance is called what?
PRINCIPAL :)
How do you write a letter asking for payment of long outstanding dues?
A letter demanding long outstanding dues should delineate when the debt was incurred and the agreed payment schedule that has not been met. The benefits of the membership can also be listed. It may be beneficial to mention that legal action is the next step.
What is a collection situatoin?
A collection situation refers to the process of pursuing payment from a customer who has not made a payment as per the agreed terms. It typically involves contacting the customer to remind them of the outstanding payment and working to secure the funds owed.
How does one use a loan amortization table?
One can use an amortization table by inputting the outstanding loan amounts, the interest rates and the payment schedule to calculate how much is outstanding at any particular time.
If you pay the same bill twice using your debit card can you get your money back?
yes you can, if there are no outstanding payments. otherwise, your creditor might apply the second payment towards the outstanding debt. that is the easy way out for them.
What happens when your husband dies leaving an outstanding car loan?
The lending institution can place a claim for payment against the estate.
What is the definition of outstanding expenses?
Making liability provision for the expenses relating to current year but actual payment to be incurred in the next financial year is outstanding expenses. Example of this case may be salary arrears.Making payment during the current financial year but actual expenditure is related to next financial year is prepaid expense. This type of expenditures arises in the case of advance payment of taxes on certain categories.
Why do principle and interest varies over time?
The answer is called amortization. In a typical loan payment, interest is calculated based on the outstanding principle balance. When the periodic payment remains constant the amount of that payment allocated to interest declines as the principle balance is reduced.
Difference between outstanding expenses and unexpired expenses?
Outstanding expnese is that expense which is already incurred but amount is not paid while unexpired expenses are those expenses for which payment is made in advance but actually expenses are not yet incurred.
What is outstanding and prepaid expenses?
Making liability provision for the expenses relating to current year but actual payment to be incurred in the next financial year is outstanding expenses. Example of this case may be salary arrears. Making payment during the current financial year but actual expenditure is related to next financial year is prepaid expense. This type of expenditures arises in the case of advance payment of taxes on certain categories.
Can a company request payment for an invoices after 7 years of no contact can a creditor request payment of an outstanding non payment of an invoices from a debtor after seven years?
As a general rule, yes, they can. Unless the claims are limited by contract or legal agreement, debts never go away.
