As in business company purchases materials or goods from different vendors on advance same like sales to different clients on advance, so if all clients balance is transferred to one Accounts Payable account then it will be impossible to keep track of saperate payments to different vendors that;s why separate accounts are maintained.
A company would not likely use subsidiary ledgers for accounts that do not require detailed tracking, such as general expense accounts or non-specific revenue accounts. Subsidiary ledgers are designed for accounts that involve numerous transactions or require detailed breakdowns, like accounts receivable or accounts payable. Therefore, for accounts with minimal transactions or where summary-level information suffices, maintaining a subsidiary ledger would be unnecessary and inefficient.
Most banks do not require a minimum balance to be kept in a business account. If you are looking at obtaining one, you will want to check with your local bank if they require a minimum balance.
When company purchases supplies from vendors they are require to pay them at the same time but instead of paying them out immediately they got the time to pay in future so it is the liability of the company to pay them that;s why accounts payable is liability and not the asset.
Memo Accounts are used to record non-financial or statistical data such as payroll hours or FTE's. Usually a Memo Account journal entry does not require an off-setting entry, i.e. Memo Accounts are one sided entries.
Yes, inactive accounts (the status before becoming dormant) require a deposit or withdrawal to reactivate the account. The amount doesn't matter.
A company would not likely use subsidiary ledgers for accounts that do not require detailed tracking, such as general expense accounts or non-specific revenue accounts. Subsidiary ledgers are designed for accounts that involve numerous transactions or require detailed breakdowns, like accounts receivable or accounts payable. Therefore, for accounts with minimal transactions or where summary-level information suffices, maintaining a subsidiary ledger would be unnecessary and inefficient.
AP Ledger requires a subsidiary ledger to help keep the clutter down in the general ledger. The standard ledger can often fill up with a large amount of activity, making it difficult to handle.
All stakeholders require a financial report. These reports are required for the financial information to get an understanding of accounts payable and accounts receivable to obtain a better understanding of the performance of the organization.
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Merchant accounts typicaly require a credit check. Google Checkout is available without a merchant account.
Most banks do not require a minimum balance to be kept in a business account. If you are looking at obtaining one, you will want to check with your local bank if they require a minimum balance.
Yes, many banks require a minimum balance in accounts to avoid fees and maintain the account's active status. The specific amount can vary by bank and account type. Some accounts, like basic checking or savings accounts, may have low or no minimum balance requirements, while others, like premium accounts, may require higher minimums. It's important to check with your bank for their specific policies.
Yes, most high interest savings accounts require a minimum balance. Since it is high interest, it is usually a high minimum account balance as well.
When company purchases supplies from vendors they are require to pay them at the same time but instead of paying them out immediately they got the time to pay in future so it is the liability of the company to pay them that;s why accounts payable is liability and not the asset.
Yes. New accounts require the user to have a Facebook account.
a type of checking account that also earns intrest
Memo Accounts are used to record non-financial or statistical data such as payroll hours or FTE's. Usually a Memo Account journal entry does not require an off-setting entry, i.e. Memo Accounts are one sided entries.