0
What else can I help you with?
How long does it take for credit card accounts to be closed if they have not been paid?
If a credit card account has an outstanding balance that is defaulted on, the account will not be closed. The account will be charged to profit and loss, or sent/sold/assigned to collections, either internal or external.
Which account would be closed by posting a debit to the account?
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
Can a credit card company report a 30 day late on a closed account that still has a balance?
If a credit card is closed it cannot have a balance. Just because you have stopped using the ard you cannot declare the account closed. If you owe even one penny, the account is open and the credit card company can 'report a 30 day late'
Why debtor account have credit balance?
A debtor account may have a credit balance typically due to overpayments made by the customer, where they have paid more than the amount owed. This can also occur if there are adjustments, such as returns or discounts, that exceed the outstanding balance. Additionally, if a payment is received before an invoice is issued, it may result in a credit balance until the invoice is recorded.
When does accounts receivable have a credit balance?
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
How long does it take for credit card accounts to be closed if they have not been paid?
If a credit card account has an outstanding balance that is defaulted on, the account will not be closed. The account will be charged to profit and loss, or sent/sold/assigned to collections, either internal or external.
Which account would be closed by posting a debit to the account?
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
What does chase balance transfer stand for?
A balance transfer is the transfer of balance in an account or a credit card to another account.It also refers to transfer of outstanding balance from one credit card to another credit card.
Can a credit card company report a 30 day late on a closed account that still has a balance?
If a credit card is closed it cannot have a balance. Just because you have stopped using the ard you cannot declare the account closed. If you owe even one penny, the account is open and the credit card company can 'report a 30 day late'
Can you transfer a balance on a closed credit account?
No, However it may be possible to pay off your debt with a credit card.
Why did your credit card payment reflect in your outstanding balance but not show up in your available balance?
Because you may have changed the account to a savings :L
Will a credit card company accept a lower payoff for a balance if the account is not past due but closed?
No
Can a credit card company keep adding interest on a closed account?
Yes, until the account balance is paid in full.
What is the meaning of debit balace in income and expenditure account?
Debit Balance- means outstanding balance, meaning you need to pay it! Credit Balance- means you have over paid.
Can a creditor close a revolving line of credit account without notice when the account has been in good standing?
Yes. If you have no balance due or outstanding charges.
Can you close your checking account if you have a balance left on your VISA card?
Yes. Closing a checking account when a credit card has outstanding balance shouldn't be a problem. The bank would expect payment on their card promptly on the due date irrespective of whether you have an account with them or not.
Is closed and paid zero balance good for credit score?
A closed account with a zero balance can positively impact your credit score, especially if it was paid on time. It demonstrates responsible credit management and contributes to your credit history length. However, if the account was closed by the creditor due to negative reasons, it might negatively affect your score. Overall, maintaining a mix of credit accounts and a positive payment history is key to a good credit score.
