Question { Accenture, 67076 }

what is the entry date ,document date, posting date, value
date, and next run date

Answer

Entry Date - System Date on which document is entered

Document Date - Date of the supporting document ie PO/
invoice/ Bill date

Posting date - date on which entry is posted to the ledger
or accounting date

Value date - the date on which doc is valued. ie for forex
valuation the value date is needed for calculating the
exchange rate difference

Next run date - this is for payment run. what the next day
for calculating the payment due document and discount
calculation

Question { IBM, 18403 }

If we have received a check from customer on 02 feb.10,
deposited in bank on 3rd and check cleared on 5th feb. what
are the journal entries should be passed for all three
days?

Answer

When cheque is received from customer

Cheques on hand A/c Dr
To Customer A/c

Cheque deposited into the bank

Cheque Deposit A/c Dr
To Cheques on hand A/c

Cheque is Cleared from bank

Cheque Deposit A/c Dr.
Bank Main A/c