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If you've made a payment on the vendor account which was previously incurred the entry would be: Debit: Accounts Payable; Credit: Cash If you're trying to write-off an unpaid accounts payable the entry would be: Debit: Accounts Payable; Credit: Expense Settlement Account (Contra-Expense account on the P&L that will flow through to Retained Earnings.
What else can I help you with?
How do you do journal entry of returned checks?
debit dishonored chequecredit accounts payable
What is the general ledger journal entry to write off accounts receivale checks?
Debit bad debtsCredit accounts receivable
Why does an accounts payable show up on your balance sheet when you have cut checks for those bills?
no
Is accounts payable clerk has authority to signed payable cheque?
Typically, an accounts payable clerk does not have the authority to sign payable checks. Their role usually involves processing invoices and preparing payments, but the actual signing of checks is generally reserved for a higher-level manager or financial officer. This separation of duties helps maintain internal controls and prevent fraud. However, specific authority can vary by organization.
What petty cash falls under the account payable umbrella?
Petty cash typically does not fall under accounts payable; instead, it is a separate cash fund used for small, everyday expenses that are impractical to pay through checks or electronic transfers. However, if petty cash is used to cover expenses that are later reimbursed or recorded as liabilities, those reimbursements could be reflected in accounts payable. Generally, accounts payable refers to amounts owed to suppliers or creditors for goods and services received, while petty cash is meant for immediate, minor expenditures.
How do you do journal entry of returned checks?
debit dishonored chequecredit accounts payable
What is the general ledger journal entry to write off accounts receivale checks?
Debit bad debtsCredit accounts receivable
Why does an accounts payable show up on your balance sheet when you have cut checks for those bills?
no
Is accounts payable clerk has authority to signed payable cheque?
Typically, an accounts payable clerk does not have the authority to sign payable checks. Their role usually involves processing invoices and preparing payments, but the actual signing of checks is generally reserved for a higher-level manager or financial officer. This separation of duties helps maintain internal controls and prevent fraud. However, specific authority can vary by organization.
To whom should I make checks payable to?
Make checks payable to the person or organization that you are paying.
How do laser checks compare to regular checks?
Laser checks are usually linked in to a computer accounting software program and automatically keep track of your accounts payable. They save time and minimize errors and are highly legible. They are more expensive though than regular checks and do require some training to learn the process.
What petty cash falls under the account payable umbrella?
Petty cash typically does not fall under accounts payable; instead, it is a separate cash fund used for small, everyday expenses that are impractical to pay through checks or electronic transfers. However, if petty cash is used to cover expenses that are later reimbursed or recorded as liabilities, those reimbursements could be reflected in accounts payable. Generally, accounts payable refers to amounts owed to suppliers or creditors for goods and services received, while petty cash is meant for immediate, minor expenditures.
When funds are withdrawn from a persons account by a check payable to cash is this a negotiable instrument?
At Chase, checks payable to cash are only negotiable by the account holder for the account the checks are written from.
Why is knowledge of accounting terminology and relevant industry necessary?
Improper use of technical jargon can hamstring the financial records and reporting capability of any accounting department. FOR instance... to a lot of lay people Accounts Payable means vendors, or checks written to vendors. The proper technical definition of Accounts Payable is the "unpaid liabilities to vendors for expenses". They are two VERY different things. Even trained personnel mix up Accounts Payable and include long-term liabilites due in the current period in the Accounts Payable listing for a period. While long-term liabilities due in the current period may have the same due date as an account payable, they would be considered a Current Portion of Long Term Debt and listed separately from Accounts Payable on the balance sheet. So.... knowledge of the terminology and jargon is VERY important, even though it may not seem like it to the lay person.
What is the general ledger journal entry to write stale checks?
You need to check the original journal entry for the check transaction. Then reverse all the original entries by Dr where you initially Cr and vice versa.
Voided checks should be recorded in the journal?
no
Do Petty cash reimbursement cheques should be cashed by someone other than the accounts payable clerk true or false?
True. To maintain proper internal controls and prevent potential fraud, petty cash reimbursement checks should ideally be cashed by someone other than the accounts payable clerk. This separation of duties helps ensure accountability and reduces the risk of errors or unauthorized transactions.
