Trade Discount
ownership of goods does not change hands until full payment has been received
I have not received my stimulus payment yet.
If the payment is late or not in full, then yes. If the payment is on time and in full, then no.
Actually, it is called a third party Fedwire. What it means is that a Fedwire payment, which is a real-time payment made over the Federal Reserve's Fedwire Funds Transfer system is being either initiated or received by a bank's customer (the "third party"). Many Fedwire payments are between banks (from one bank to another bank). But when a Fedwire payment involves a bank's customer, it is called a "third party" Fedwire.
Received cash from a customer as payment on account
"what accounts are affected and how when a payment on account is received from a customer
Accounts receivable
Make sure that the customer account is credited and that cash is debited.
Because money is being received from customer we are not owing.
It means to make a partial of full payment without specifying an specific reason or invoice for the payment.
Debit bankCredit accounts receivable
Trade Discount
When a check is received for the full payment of an accounts receivable (AR) account, the business records the payment by debiting cash and crediting accounts receivable. This action reduces the accounts receivable balance, reflecting that the customer has settled their debt. Additionally, it may involve updating financial records to ensure accurate reporting of cash flow and outstanding receivables. Proper documentation should be maintained for auditing and accounting purposes.
debit to cash and credit to accounts receivable
debit to cash and credit to accounts receivable
ownership of goods does not change hands until full payment has been received