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Is using a debit card the same as securing a loan?
No. A debit card transaction removes money from your checking account. Securing a loan is more complicated, but requires far more paperwork and a payment plan.
What does it mean when there is a priority pay debit on my bank statement?
A priority pay debit on your bank statement typically indicates that a payment has been processed with priority over other pending transactions. This could be due to the urgency or importance of the payment, such as a bill payment or a loan installment. Priority pay debits are usually processed quickly to ensure that the payment is made on time and may come with additional fees for the expedited service. It is important to review your bank statement and transaction details to understand the specific reason for the priority pay debit.
What does LN PYMNT on bank statement?
"LN PYMNT" on a bank statement typically stands for "Loan Payment." It indicates a transaction where a payment has been made towards a loan, such as a personal loan, mortgage, or auto loan. If you see this entry, it means that a specified amount was deducted from your account to fulfill your loan repayment obligation. If you have further questions about the transaction, it's best to contact your bank for more details.
Can you pay a payday loan with a credit card?
Only a few payday loan companies allow you to pay off your loan with a credit card. Most required payment of the loan with a debit card or check.
Can I use land as a down payment on a construction loan?
Yes, it is possible to use land as a down payment on a construction loan. The value of the land can be considered as part of the equity required for the loan.
Is using a debit card the same as securing a loan?
No. A debit card transaction removes money from your checking account. Securing a loan is more complicated, but requires far more paperwork and a payment plan.
What is loans receivable?
The expected payment of a loan, it is an asset account. When you loan money you debit loans receivable and credit cash (both assets) When you receive the payment for the loan you debit cash and credit loans receivable.
How do you record in your accounting system the transaction of buying a car on credit?
Debit full price of car to Vehicles (fixed asset account) Debit Other Taxes expense for the registration fees Credit Loan Payable (liability account) for the total amount borrowed (not the total of the loan payments, just the principal) Credit Cash for any down payment
What does it mean when there is a priority pay debit on my bank statement?
A priority pay debit on your bank statement typically indicates that a payment has been processed with priority over other pending transactions. This could be due to the urgency or importance of the payment, such as a bill payment or a loan installment. Priority pay debits are usually processed quickly to ensure that the payment is made on time and may come with additional fees for the expedited service. It is important to review your bank statement and transaction details to understand the specific reason for the priority pay debit.
What does LN PYMNT on bank statement?
"LN PYMNT" on a bank statement typically stands for "Loan Payment." It indicates a transaction where a payment has been made towards a loan, such as a personal loan, mortgage, or auto loan. If you see this entry, it means that a specified amount was deducted from your account to fulfill your loan repayment obligation. If you have further questions about the transaction, it's best to contact your bank for more details.
Can you pay a payday loan with a credit card?
Only a few payday loan companies allow you to pay off your loan with a credit card. Most required payment of the loan with a debit card or check.
Can I use land as a down payment on a construction loan?
Yes, it is possible to use land as a down payment on a construction loan. The value of the land can be considered as part of the equity required for the loan.
Why do I have a DD coming out from creationcouk?
A direct debit (DD) from Creation.co.uk typically indicates that you have an account, loan, or credit product with Creation Financial Services. This could be for a payment related to a personal loan, credit card, or retail finance agreement. If you're unsure about the transaction, it’s best to check your account statements or contact Creation directly for clarification.
What is the journal entry if an owner makes payments on a company loan and he will not be reimbursed by the company?
debit loan accountcredit owners equityDebit Loan Payable Debit Interest Expense Credit Paid in Capital
What does debit memo mean on a bank statement?
A Debit Memo refers to any transaction wherein the bank's account balance is reduced. This memo is applied on bank fees such as interest, loan payments, bounced checks, and transfer of funds.
Is a transaction code used for bank transactions?
Transaction codes are used by banks to determine what time if transaction has occurred at the bank. Everything from a code used for a deposit to a checking account to another different code used to make a loan payment.
Can I use land as a down payment for a construction loan?
Yes, you can typically use land as a down payment for a construction loan. The value of the land will be considered as part of your equity in the project.
