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What does "payable in advance" mean and how does it impact the payment process?
"Payable in advance" means that payment is required before receiving a product or service. This impacts the payment process by ensuring that the provider receives payment upfront, reducing the risk of non-payment or late payment.
What is a deduction from earnings as an advance payment on income tax?
Withholding amounts from your gross income is an advance payment of income tax and other required taxes, etc that your employer payroll department is required to withhold from your gross earnings that are subject to the withholding tax rate amounts.
What is an advance payment?
An advance payment is a part of a sum which is paid or received in advance for goods and services.
What is the difference between advance payment and down payment?
Down Payment: Payment, which is a loan in advance with no securities for the borrower or the buyer. Advance Payment: Payment which is connected with respective responsibilities. That means that the borrower or buyer gets some securities from the lender or vendor.
How do you treat interest on advance payment of tax in financial statements?
there is no interest on advance payment of tax
What is the Journal entry for purchase of asset by advance payment?
Debit advance payment for assetCredit cash / bank
Does booking.com require payment in advance for reservations"?
Yes, Booking.com typically requires payment in advance for reservations.
What do you understand by advance tax payment did government provide any special bonus on advance payment of tax?
Advance tax payment is paying of tax to the government in advance, before the year ends. The government do not provide special bonuses.
Meaning Advance Payment Tax?
Advance payment of tax means to pay tax along with the earning of his income this tax is paid on the current year income in the same year .In fact, it is paid as advance and it is called advance payment of tax
What is advance payment upon delivery?
You pay in advance then it will be delivered!
What is advance payment in construction?
Many times a contractor will ask for an advance payment in construction before work can begin to make sure they will get paid. Advance payment might also be asked of the customer so that materials can be purchased.
What is the meaning of corporate advance on a mortgage?
A corporate advance on a mortgage is a payment for a service related expense that is owed by the borrower. These expenses may include such things as foreclosure expenses, attorney fees, and bankruptcy fees.
