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"Received on account" refers to a payment that a business or individual has received that is applied toward an outstanding debt or balance owed by a customer. This term indicates that the payment is not for a new sale but rather reduces the amount owed on a previous transaction. It helps in tracking payments and managing accounts receivable effectively.
What else can I help you with?
What does it mean if your account is debited?
It simply can mean anything. If its a personal account it means I received something. If its a Real Account then that means that an asset has increased. etc etc etc....
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
What is an outstanding deposit?
an outstanding deposit means cash received by the company and recored in their general ledger, but bank has not yet credited the bank account
What is the account affected when rent received?
When rent is received, the account affected is typically the Cash or Bank account, which increases as cash is received. Simultaneously, the Rent Income account is credited to recognize the revenue earned from renting property. This transaction reflects an increase in assets (cash) and an increase in equity (through income).
What does it mean if your account is debited?
It simply can mean anything. If its a personal account it means I received something. If its a Real Account then that means that an asset has increased. etc etc etc....
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
What is the purpose of account receivable?
you can received the account in balance sheet.
What is an outstanding deposit?
an outstanding deposit means cash received by the company and recored in their general ledger, but bank has not yet credited the bank account
Have you ever received random money sent to your PayPal account?
Yes, I have received unexpected money deposited into my PayPal account.
Accompanying the bank statement was a debit memo for an nsf check received from a customer?
This means that a check you took from a customer could not be deposited into your account because they did not have the money to cover their check. The bank deducted the amount of the check from your account.
What is the account affected when rent received?
When rent is received, the account affected is typically the Cash or Bank account, which increases as cash is received. Simultaneously, the Rent Income account is credited to recognize the revenue earned from renting property. This transaction reflects an increase in assets (cash) and an increase in equity (through income).
What is a primary account?
I think it means your main account or your first account.
When an account holder's purchase account is about to expire should?
Wait for the new account to arrive and destroy the old account once the new account is received and activated.
What is the meaning for account type DR?
The meaning of DR on an account is deposit received. This will show up on a person's statement when they have received money in their bank as a direct deposit.
What does Vertified Account mean?
that means you can use your account
