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What else can I help you with?
How long can after a charged off debt can a credit card debt be collected by another company that has purchased the debt?
Depends on which USA state where you live - Check Debt with Statute of Limitations; and http://www.bcsalliance.com/y_debt_sol.html
How much money can you make as a debt collector what percentage of debt collected should I be receiving?
The average salary of a debt collector is 28,000 dollars. The percentage given as a commission varies from 3 to 5% of the debt being collected. In some companies, it is even a larger percentage.
How is bad debt different from good debt?
Good debt is an investment helps to build credit. Bad debt is the amount that the entity has lost.
Bad debt on a balance sheet?
No, bad debt is an expense and is reflected on the P&L Statement.
What is the definition of good debt and how can it be distinguished from bad debt?
Good debt refers to borrowing money for investments that have the potential to increase in value or generate income over time, such as student loans or a mortgage. Bad debt, on the other hand, is borrowing money for purchases that do not increase in value or generate income, such as credit card debt for unnecessary expenses. Good debt can be distinguished from bad debt by considering whether the borrowed money is being used to build wealth or improve one's financial situation in the long run.
How is bad debt treated in the preparation of cash budget?
Bad debt from creditors is not included in cash outflow of a cash budget. It is treated at a receipt that has not been collected.
How long can after a charged off debt can a credit card debt be collected by another company that has purchased the debt?
Depends on which USA state where you live - Check Debt with Statute of Limitations; and http://www.bcsalliance.com/y_debt_sol.html
What is bad debt expense if The company estimates that of the 40000 in accounts receivable outstanding at year-end 5200 probably will not be collected?
5200 is a bad debt expense as company has estimated that it is possible that company will not be able to receive that amount from debtors.
Explain why the bad debt percentage or any similar credit-control percentage is not the ultimate measure of success in the management of account receivable What is the key consideration?
The key is the number of days in which the credit is collected by the company. Bad debt percentage alone is not the ultimate measure, it is a combination of different credit control percentages along with the time within which debts are collected that matter.
If a delinquent account was never reported and it suddenly appears on your credit report 5 or 6 years later are you still responsible for that debt?
A consumer's responsibility for a debt is a separate issue than credit reporting. If you owed a debt 5 or 6 years ago, and never paid it, you still owe it. There is a statute of limitations for how long a debt can be collected, another for how long a consumer can be sued over a debt and another for how long a debt can show on your credit report.
How much money can you make as a debt collector what percentage of debt collected should I be receiving?
The average salary of a debt collector is 28,000 dollars. The percentage given as a commission varies from 3 to 5% of the debt being collected. In some companies, it is even a larger percentage.
Bad Debt expense that was eventually paid by the customer How do you reverse the Bad Debt expense in QuickBooks?
Debit A/R and credit your allowance for uncollectibles account whatever the amount was to reinstate the amount previously written off. Then you'll debit cash and credit A/R to record cash collected from the customer.
Is having debt good or bad?
To be in debt is usually considered bad.
How long could a debt be collected after the event by a debt agency?
The Statute of Limitations (SOL) determines that. Each state in the USA has a set number of years that debt collectors can come after you for that. After that set time, the debt is considered legally noncollectable. A simple online search can let you know what your time frame is.
How long from service of judgment before a debt can be collected?
In most states it is 10 years and can be renewed for another 10.You need to check the SOL in your state.
How is bad debt different from good debt?
Good debt is an investment helps to build credit. Bad debt is the amount that the entity has lost.
Do you credit allowance for bad debt and debit bad debt expense?
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