To deal with overpayment in cash application, first, verify the payment details against the customer’s invoice and account records. If the overpayment is confirmed, communicate with the customer to determine their preference for resolution, which may include applying the excess amount to future invoices, issuing a refund, or crediting their account. Finally, update the accounting records accordingly to reflect the adjustment and maintain accurate financial reporting.
following payment, the approved invoice should be stamped "paid"
yes a stop payment on a check will remain permanently once the bank places it
The difference between a cash payment and a payment made to a vendor or contractor through accounts payable is as follows: In a cash payment, the company using the services of the vendor immediately recognizes the expense (by increasing the expense account) and hand over the cash to the vendor (by decreasing the cash asset account). For the vendor, they recognize the revenue upon completion (by increasing the revenue account) and move the cash onto their balance sheet (by increasing the cash asset account). In an accounts payable transaction, the company using the services of the vendor immediately recognizes the expense (by increasing the expense account) and acknowledges the debt (by increasing the accounts payable liability). For the vendor, they recognize the sale (by increasing the revenue account) and acknowledges that the company using their services owes them for the work that they did (by increasing the accounts receivable account). Time eventually passes for the accounts payable transaction and the company that used the services of the vendor sends payment to the vendor (by decreasing the cash account) and acknowledges that the debt is paid (by reducing the accounts payable liability). The vendor receives payment in the mail (by increasing the cash asset account) and acknowledges that the debt is paid (by reducing the accounts receivable asset). The key difference is which party is providing the cash flow. For a cash payment, the transaction is best for the vendor because they are receiving cash immediately. For an AP transaction, the service user is better because they held onto cash for some period of time.
A schedule of cash collections is a financial tool used by businesses to project and track expected cash inflows from sales over a specific period. It outlines when cash is anticipated to be received from customers, based on payment terms and historical collection patterns. This schedule helps in managing cash flow, ensuring that the business can meet its financial obligations and make informed budgeting decisions. By anticipating cash collections, businesses can better plan for expenses and investments.
The major controls over petty cash are the control over safekeeping, approval for disbursement and recociliation.
following payment, the approved invoice should be stamped "paid"
Payment of life insurance premia is allowed on line, along with payment over counter whether payment by cash or cheque.
Physical payment means you hand over the cash/cheque in person: epayment (short for electronic payment) means you pay over the phone or internet.
Part of the payment is in cash Example: someone may turn up at a store and have a cheque ready in payment, only to find at checkout that someone forgot to add tax; so person collecting hands over some of their own money to complete payment. For the store it is part-cash sale i.e. they received cheque and cash.
yes a stop payment on a check will remain permanently once the bank places it
yes
COD (Cash on Delivery) is a payment method where customers pay for their goods at the time of delivery, typically in cash. VPOS (Virtual Point of Sale) is an online payment gateway that allows businesses to process credit and debit card transactions over the internet. The key difference lies in the payment timing and method: COD involves cash transactions at delivery, while VPOS facilitates electronic payments in real-time online.
The difference between a cash payment and a payment made to a vendor or contractor through accounts payable is as follows: In a cash payment, the company using the services of the vendor immediately recognizes the expense (by increasing the expense account) and hand over the cash to the vendor (by decreasing the cash asset account). For the vendor, they recognize the revenue upon completion (by increasing the revenue account) and move the cash onto their balance sheet (by increasing the cash asset account). In an accounts payable transaction, the company using the services of the vendor immediately recognizes the expense (by increasing the expense account) and acknowledges the debt (by increasing the accounts payable liability). For the vendor, they recognize the sale (by increasing the revenue account) and acknowledges that the company using their services owes them for the work that they did (by increasing the accounts receivable account). Time eventually passes for the accounts payable transaction and the company that used the services of the vendor sends payment to the vendor (by decreasing the cash account) and acknowledges that the debt is paid (by reducing the accounts payable liability). The vendor receives payment in the mail (by increasing the cash asset account) and acknowledges that the debt is paid (by reducing the accounts receivable asset). The key difference is which party is providing the cash flow. For a cash payment, the transaction is best for the vendor because they are receiving cash immediately. For an AP transaction, the service user is better because they held onto cash for some period of time.
Installment cash credit is a direct loan of money for personal purposes, home improvements, or vacation expenses. You make no down payment and make payments in specified amounts over a set period.
Cash inflow is the money flowing in and out of a business within a given period of time. this can be predicted using a spreadsheet which will indicate the effects of changing fifures. Example of Cash inflow is: ■ Sales - amount to be received from selling good or service. ■ Cash from debtors. ■ Capital. ■ Lone from bank.
payment by cash. When you use a debit card, you are directly accessing your bank account to transfer funds, similar to handing over cash in a physical transaction. This process allows for immediate settlement of the purchase, ensuring that the store receives payment right away.
left over cash