What is the accounting entries for future dated payment method
- 3 Answers
- 12194 Views
- Accenture, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / siva
Payables creates two sets of accounting entries when you use future dated payment method.
1.Journal entries for the payment of an invoice which uses a future payment method
Liability Account Dr
Cash Clearing Account Cr
2.After you clear a future dated payment with bank to your customer it will create second set of accouting entries.
Cash Clearing Account Dr
Cash A/c(Asset A/c) Cr
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / venkata karthik
future dated payments means prepaid expenses like prepaid
insurance
| Is This Answer Correct ? | 7 Yes | 6 No |
Answer / durgesh kumar
There is no accouting entry passed for future dated payment
menthod. We will pass a Purchase a/c Dr
To Vendor a/c.
and once the entry is seen in any ERP we have a option to
go and change the payment method. But we do not pass any
accounting entry. And Payment method is always editable
field till the Invoice is closed
| Is This Answer Correct ? | 0 Yes | 9 No |
"Cheque deposited in to bank" How can i make a entry in tally when like this entry came
What Entery Should Made When Godown Rent Paid in Advance At The Time Of Agreement.Transation Is as Below * Rent Paid To XYZ (OWNER OF PROPERTY) For Running Month. * One Month Rent In Advance Tenent will Always pay rent amt 1st of every month. How can we do entry every month and How can party's a/c will due on ending every month. How can party a/c Show ADVANCE RENT. Please enter every entery including JV. With time when it is necessary.
sir, I wanted to know what is the difference between cash and cheque payment in terms of tax.
what is the differences between quality assurance and quality improvements?
Is it possible to change the accounting period under Indian GAAP from 1/Apr-31March to 1/January-31/December? There is any restriction in doing that, i mean for example for fisal purposes? Thank you all!
Accounts Paybles & accounts Recivable are Real A/c , Personal or Nominal A/cs ?
In sales entry, for sales tax what rule apples (real, nominal)
What is Balance sheet?
how to pass the journal entry for tds dedcted on commission receivable
Tell me why did you select accounting as your profession?
how to hand ell c.c. limit for comaney but sales is low
if you are a hard working nature conclude your self?
Audit 
