Cash Book
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
No, but... If you the cash back was paid for the purchase of an item that you are deducting (such as a business expense), then you have to reduce the deducted amount by the cash back paid for that item. Cash back payments are not taxable for their own sake, because you had to purchase something to get them, so they are just like discounts on the items purchased.
All cash payments made by the company.
cash payments journal
Cash Book
increase rent expense by payment amount (debit) reduce cash by payment amount (credit)
No, credit card companies do not typically report cash payments.
No, credit card companies do not report cash payments to the IRS.
In the construction of the cash payments schedule, the major cash payment typically involves direct costs associated with project execution, such as labor, materials, and subcontractor payments. These costs are critical as they directly impact the project's cash flow and overall financial health. Additionally, other significant payments may include overhead costs and any scheduled loan repayments or interest payments. Effective management of these cash payments is essential to ensure the project's financial stability.
Progress payments can show a shortfall in projected cash flow. This is because the company is making payments at intervals prior to having the project in place to provide cash inflow.
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
The use of cash discounts can help with cash-flow and reduce the cost of transactions in terms of banking fees. This is perfectly acceptable unless designed to attract payments in cash which will not be reflected in the accounts of the business as this would amount to tax evasion depending on your location in the world.
No
no
You can reduce your mortgage payments by refinancing your loan to get a lower interest rate, extending the loan term, making extra payments to reduce the principal, or negotiating with your lender for a modification.
Cash payments journals record all cash payments made by a business, including expenses such as rent, utilities, wages, and other payments for goods or services. Each entry will typically include the date of payment, payee, amount paid, and purpose of the payment.