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How do Debit cards work?
It is like writing a check, only it is a bit faster. The transaction will post against the bank account in a matter of minutes or hours rather than taking a day or so to post. They take the money directly from your bank account and if there is not enough money in the account it will not go through.
What are the steps in the posting process in accounting?
1. Write the date of the transaction in the account's Date Column. 2. Write the amount of the transaction in the Debit or Credit column and enter the new balance in Balance column under Debit or Credit. 3. Write the page number of the journal in the Post. Ref. column of the ledger account. 4. Record the ledger account number in the Post. Ref. column of the journal.
How do you post a refund check to the general ledger?
To post a refund check to the general ledger, first, identify the appropriate accounts affected by the transaction, such as the cash account and the expense or revenue account being refunded. Record a journal entry that debits the cash account (increasing it) and credits the relevant expense or revenue account (decreasing it). Ensure to include a clear description of the transaction for future reference. Finally, verify that the entry balances and accurately reflects the refund in the financial records.
What does SD post mean on a bank statement?
"SD post" on a bank statement typically refers to a "savings deposit post," indicating that a deposit has been made to a savings account. It may also represent a transaction related to a specific savings account or service. If you're unsure about a specific entry, it's best to contact your bank for clarification.
In accounting why the reverse principle is not possible - debit the the giver and credit the receiver?
The best way to explain this is by example: Wells fargo Bank has your bank account. Your account is a liability for them since this is not truly their money and it is obligated to you the account holder......so when they increase your account, they post a credit to it. Because to increase their liabilities they have to credit it......and when you use your debit card and decrease your account then wells fargo debits your account to remove the money. For you as the account holder your checking account is your asset......so if you were tracking your accounting in a program.....and you wanted to show where you deposited money into your account in your system then you would post a debit to increase your cash account.
How do Debit cards work?
It is like writing a check, only it is a bit faster. The transaction will post against the bank account in a matter of minutes or hours rather than taking a day or so to post. They take the money directly from your bank account and if there is not enough money in the account it will not go through.
Money transfers into brokerage accounts?
Demetrice, can i receive a money transfer to my mortgage account and once it post withdraw from it...without applying it to my account
What are the steps in the posting process in accounting?
1. Write the date of the transaction in the account's Date Column. 2. Write the amount of the transaction in the Debit or Credit column and enter the new balance in Balance column under Debit or Credit. 3. Write the page number of the journal in the Post. Ref. column of the ledger account. 4. Record the ledger account number in the Post. Ref. column of the journal.
What is the transaction identification code for an auto reverse post transaction?
1AM
How old do you have to be to take out money from a post office account?
Depends on what country / region / state.
How long does it take for a transaction to post on a credit card?
A transaction typically takes 1-3 business days to post on a credit card.
What does SD post mean on a bank statement?
"SD post" on a bank statement typically refers to a "savings deposit post," indicating that a deposit has been made to a savings account. It may also represent a transaction related to a specific savings account or service. If you're unsure about a specific entry, it's best to contact your bank for clarification.
In accounting why the reverse principle is not possible - debit the the giver and credit the receiver?
The best way to explain this is by example: Wells fargo Bank has your bank account. Your account is a liability for them since this is not truly their money and it is obligated to you the account holder......so when they increase your account, they post a credit to it. Because to increase their liabilities they have to credit it......and when you use your debit card and decrease your account then wells fargo debits your account to remove the money. For you as the account holder your checking account is your asset......so if you were tracking your accounting in a program.....and you wanted to show where you deposited money into your account in your system then you would post a debit to increase your cash account.
How are journals and ledgers interrelated in an accounting system?
journals are the recording of each transaction and legders is were we post those transaction.
What were passbooks?
Passbooks were booklets that contained transaction information of ones account essentially in a bank or a post office. Passbooks contained account statements. Initially they were handwritten from the bank/post-office's ledgers, thereafter with the introduction of IT in banks, it was being printed. Now you can get the details online by e-mail or on your mobile phone through an sms.
What is a credit transfer?
A credit transfer is a method of settling a debt by transferring money through a bank or post office, especially for those who do not have cheque accounts. It's the transfer of money from one account to another account, basically.
Is it illegal to post date a check in Arizona?
It is not illegal to post date a check in any state. What is illegal is to write a check with a lack of funds in the account. If you can be sure that the check won't get to your account before the date you have on it that is fine, but you need to be sure you have money to cover it.
