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What is the journal entry if bank pay the amount to vendor on behalf of the company?
Wiki User
∙ 9y ago
No entry at the time of payment by bank and entry is recorded when bank reconciliation with bank and information arrive from bank.
Wiki User
∙ 9y ago
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My vendor has factored the invoices I owe him for. I don't want to pay the factoring company. I want to pay the vendor. Am I obligated to pay the factoring company?
The vendor can issue a check to the customer instead of Bank, then that customer should deposit the check to the bank on behalf of the vendor. This is my practical answer!!!!!l
When is it necessary to include vendor name in an accounts payable entry in a journal?
It is good practice to always include the vendor name in the journal entries. Journal entries are the books of "origin". When transaction occur the transaction is then recorded in the journal, at a later date or time, the entries are then added to the Ledger where each account for the company has a separate account.Adding the vendor name to the journal entry can assure that the proper account is debited or credited when the entry is recorded in the ledger.
If a vendor owes us money an a lien be filed against the business or the vendor himself the vendor is in California.?
I have a vendor in Rancho Cucamonga California that has owed my company money for a good amount of time. He wont answer my calls and I woukd like to be paid. Can I get a lien of some sorts on him or his shop for the amount owed with no penalty.
What is purchase journal?
A purchase journal is a specialized accounting journal used to record all credit purchases of goods or services made by a business. It typically includes information such as the date of the purchase, vendor name, invoice number, and amount owed. The purchase journal helps track the company's liabilities and expenses related to purchasing inventory or other items.
What is the journal entry of advance to vendor?
Prepaid Expenses $XXX.XX ________Cash___________ $XX.XX
If A bookkeeper writes checks to herself but records them as if they are paid to a vendor who has she stolen from the company or the vendor?
She has stolen from the company. The vendor never had the money to steal.
What is difference between vendor and buyer?
A vendor sells to a company; a buyer buys things from a company.
What is the journal entry payment to the vendor?
Debit accounts payableCredit cash /bank
What department does a vendor report to in a company?
A vendor or sales person most likely reports to a sale manager or marketing department. If the company is very small then the vendor may be a partial owner of the company or report directly to the owner of the company.
Journal entry for Payment of credit purchase by a Cheque?
BY VENDOR Dr TO BANK Cr
What does vendor credit quickbooks mean?
In accounting, the deduction of a payment made by a debtor from an amount due. In the General Journal Entry window, you enter credits in the Credit column. An example would be if the electric company gave your business a $50 credit off your bill (instead of a $500 bill, you would have a $450 bill).
What is the journal entry to correct a payment of a bill which was paid to another vendor in error?
[Debit] Correct Vendor [Credit] Wrong Vendor Only Vendor accounts will be adjusted as cash or bank account is already charged correctly.
