0
What else can I help you with?
What is a payment on account by a customer?
A payment on account by a customer happens when a customer pays a bill. For example, if a person had an account at a furniture store, each month, he or she would make a payment on their account to pay down their balance.
What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
What accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
Is a customer's payment on account immediatly recorded in the checking account?
true
What account is credited when a payment is received from a customer?
Accounts receivable
What payment on account by a customer?
A payment on account by a customer happens when a customer pays a bill. For example, if a person had an account at a furniture store, each month, he or she would make a payment on their account to pay down their balance.
What is a payment on account by a customer?
A payment on account by a customer happens when a customer pays a bill. For example, if a person had an account at a furniture store, each month, he or she would make a payment on their account to pay down their balance.
What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
What accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
Is a customer's payment on account immediatly recorded in the checking account?
true
What account is credited when a payment is received from a customer?
Accounts receivable
What needs to happen in account receivable when a customer pays their account?
When a customer pays their account, the account receivable department needs to put the amount of the payment into the computer. A receipt should also be sent to the customer.
Is receiving payment from account customer a liability?
Because money is being received from customer we are not owing.
What does mean writing off an account?
Canceling the balance of a customer account because the customer does not pay is called writing off an account.
What is a letter of remitance?
By definition, a letter of remittance is "a document sent by a customer, which is often a financial institution or other type of firm, to a creditor or supplier along with a payment to briefly explain what the payment is for so that the customer's account will be credited properly." These letters are usually used when the customer does not have an established account with the other entity.
Advances from customers appear in the accouting?
If you are the seller and recieve an advance payment from a customer, it means you are owing the customer and as much a creditor. Your cash is debited and the customer ( Customer's deposit account) credited;
What does charged okay mean?
"Charged okay" typically means that a transaction has been successfully processed and the payment for a purchase has been approved by a financial institution. It indicates that the payment has been accepted and the customer's account has been charged accordingly.
