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What is a debit and how do you get one?
A debit is what occurs when you reduce a credit balance in a liability account such as a checking account. A debit can occur using a debit card, endorsed check, ATM withdrawl or withdrawl for the bank teller.
Accrued revenue is reported and recorded when?
the moment the transaction occurs not when you receive the money
What is a transaction?
A transaction is any activity in business that involves money. It occurs when something of value is exchanged with something else of value. The act of recording transactions is called bookkeeping.
What is a mirror account in banking?
Mirror accounting is used in European countries that require changes in inventory to be immediately reflected in the income statement. With mirror tables, you can combine the creation of balance sheet inventory entries with the creation of related entries to income statement accounts by associating a pair of source accounts with a pair of mirror accounts. Mirror accounting only applies to inventory (IC) transactions. Whenever an inventory transaction creates a general ledger (GL) entry for a specified combination of source accounts, the system automatically creates GL entries to the related mirror accounts: Debit Source Account 1 Credit Source Account 2 Credit Mirror Account 1 Debit Mirror Account 2 For example, when there is a work order issue, the system reflects the change on the balance sheet as well as on the income statement, creating two transactions: Debit WIP (Source Account 1) Credit Inventory (Source Account 2) Credit COP (Mirror Account 1) Debit Material Usage (Mirror Account 2) Source Account 1 maps to Mirror Account 1. Source Account 2 maps to Mirror Account 2. If you are entering a standard journal entry manually in Standard Transaction Maintenance and are using mirror accounting, enter the debit or credit to Source Account 1, then the reversing action to Mirror Account 1. Do the same for Source Account 2 and Mirror Account 2. Sub-account and cost center codes can also be mirrored and reflected on the income sheet statement. Set All Sub-Accounts and All Cost Centers to Yes to streamline the creation of source and mirror account relationships. The values entered in the source sub-account and cost center fields are re-used in the mirror sub-account and cost center fields. When All Sub-Accounts is Yes, leave the source and mirror sub-account blank. Similarly when All Cost Centers is Yes, leave the source and mirror cost centers blank. The blank source field is treated as a wildcard. Mirror sub-accounts and cost center fields use the codes from the GL transaction. When All Sub-Accounts or All Cost Centers is No, the system only creates mirror transactions when an exact match is found on the source account, sub-account, and cost center values in the mirror accounting table. If Verify GL Accounts is Yes in Domain/Account Control, each account component you enter must be valid on its own and in combination with other account number components. Sub-account codes and cost center codes must be valid for all ranges of accounts and sub-accounts used in mirror accounting. Set up ranges in Sub-Account Code Maintenance and Cost Center Code Maintenance. MIRROR ACCOUNTING SETUP EXAMPLES For example, you set up a mirror table with the following values: Entity: 1 Source 1: 1000 blank blank Source 2: 1500 blank 30 All Sub-Accounts: Yes All Cost Centers: No Mirror 1: 2000 blank blank Mirror 2: 2500 blank blank Based on value of All Sub-Accounts and All Cost Centers, all sub-account fields must be blank. The blank sub-accounts in Source 1 and 2 are treated as a wildcard (any value matches). If the following inventory transaction occurs: Dr 1000 5000 Cr 1500 4000 30 The system creates the following mirror account transaction: Dr 2500 4000 Cr 2000 5000 For the following inventory transaction, no mirror transaction is created: Dr 1000 5000 10 Cr 1500 4000 20 Although the system found a record in the mirror table that matched the account (exactly) and sub-account (using the wildcard), an exact match for the cost center was not found.
What is errors of omission in accounting?
ERROR OF OMISSION is an error which occurs as a result of an action not taken. In accounting, the error occurs when both the entries required for a transaction are completely omitted from the books.
Who is responsible to ensure a legal government credit card transaction occurs when making a purchase?
using card holder.
How do chargebacks affect credit scores?
Chargebacks can negatively impact credit scores because they indicate a dispute or issue with a transaction. When a chargeback occurs, it can lead to a decrease in credit score due to the potential risk associated with the transaction. It is important to resolve chargebacks promptly to minimize their impact on credit scores.
How is a ledger or account book is maintained?
When a transaction occurs, a journal entry is made coinciding with this transaction. Later these transactions are posted from the journal to the ledger, then a trial balance is made to insure that the accounts are accurate and "balance".
What point can you request a settlement on credit card debt?
Settlement usually occurs when the account is past due and has been closed. You can either try to settle with the credit card company, or the debt collector that the credit company sold the account to.
Are debit and credit cards similar?
Yes - and no. They both allow you ro make purchases without actually handing over any money at the time the transaction occurs - but... A CREDIT card - allows you to make purchases up to the agreed credit limit on your account. A DEBIT card - only allows you to make purchases IF there is sufficient money in your bank account to pay for the purchase immediately (a kind of electronic cash).
Can you reverse a credit card payment?
Yes, it is possible to reverse a credit card payment through a process known as a chargeback. This typically occurs when a customer disputes a transaction with their credit card issuer, who then investigates the claim and may reverse the payment if it is found to be valid.
What do parentheses mean in a credit card account balance?
Usually it means that you have a credit balance and the credit card company owes you money. This occurs when you pay more than you owe or you receive a refund from a previous purchase.
Can you explain how the PayPal chargeback process works?
A PayPal chargeback occurs when a buyer disputes a transaction and asks their credit card company to reverse the payment. PayPal investigates the claim and may refund the buyer if they find the dispute valid. Sellers can provide evidence to defend the transaction.
Does adverse selection occur before or after a transaction?
Adverse selection occurs before the financial transaction takes place
What is a credit card balance A?
It is the balance on your account, indicating either how much money you owe or if you have some money in the account.
What is a debit and how do you get one?
A debit is what occurs when you reduce a credit balance in a liability account such as a checking account. A debit can occur using a debit card, endorsed check, ATM withdrawl or withdrawl for the bank teller.
All users should be alert and report what?
Users of credit cards should be alert and report unauthorized activity that occurs on their account. They should also make sure the charges are accurate and in the right amount.
