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What is the appropriate classification of customers accounts with credit balances in a balance sheet?
If a customers account has a "credit" balance, this means the company owes that customer rather than the customer owing the company. Customer accounts tend to have a debit balance, meaning the customer owes the company that amount. It is rare when a company owes a customer, if this does happen, the account becomes a liability instead of an asset because of the fact that now the company owes money rather than is "owed" money.
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.
What is an imbalance of receivables risk?
An imbalance of receivables risk refers to the potential financial loss a company faces when its accounts receivable are unevenly distributed among its customers. This can happen if a significant portion of receivables is concentrated with a few clients, increasing the risk of default if those clients fail to pay. Additionally, delays in payments from certain customers can lead to cash flow issues, impacting the company's liquidity and operational stability. Managing this risk typically involves diversifying the customer base and implementing effective credit management practices.
What needs to happen when the customer pays on the account?
When a customer pays on an account it needs to be documented immediately and if paying in person a receipt of payments needs to be given to the person who is paying.
Why does a decrease happen in Accounts Receivable?
Decrease in accounts receivable happens on the account of receipt of payments, discounts given, or bad debts written off.
What needs to happen when a customer pays their account in account receivables?
debit revenue and credit receibables
What need to happen when recording a journal entry for a sale on account?
What needs to happen when recording a Journal Entry for a sale on account
What is the appropriate classification of customers accounts with credit balances in a balance sheet?
If a customers account has a "credit" balance, this means the company owes that customer rather than the customer owing the company. Customer accounts tend to have a debit balance, meaning the customer owes the company that amount. It is rare when a company owes a customer, if this does happen, the account becomes a liability instead of an asset because of the fact that now the company owes money rather than is "owed" money.
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.
What needs to happen when a customer pays there account?
issue a receipt
What needs to happen when the customer pays on the account?
When a customer pays on an account it needs to be documented immediately and if paying in person a receipt of payments needs to be given to the person who is paying.
Why does a decrease happen in Accounts Receivable?
Decrease in accounts receivable happens on the account of receipt of payments, discounts given, or bad debts written off.
Who can freeze your bank account?
The bank can freeze any account that is held by a customer with the bank. But, this does not happen at the banks wish. Usually a legal order by law enforcement agencies (police or cops) is required to do so. Usually cops and federal authorities freeze bank accounts of terrorists and known malicious elements of the society.
When can a bank freeze your account?
Yes. The bank can freeze any account that is held by a customer with the bank. But, this does not happen at the banks wish. Usually a legal order by law enforcement agencies (police or cops) is required to do so. Usually cops and federal authorities freeze bank accounts of terrorists and known malicious elements of the society.
Why would the government freeze your bank account?
The bank can freeze any account that is held by a customer with the bank. But, this does not happen at the banks wish. Usually a legal order by law enforcement agencies (police or cops) is required to do so. Usually cops and federal authorities freeze bank accounts of terrorists and known malicious elements of the society.
Is sales the driving force for accounts receivable?
yes the sales will drive the main steam in the account receivable because when the sales happen the account receivable collection attampt will start
What needs to happen when recording a saleon account to journal entry?
[Debit] Accounts receivable xxxx [Credit] Sales revenue xxxx
