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What is on-account receipt account , un-applied receipt
Account, and un-identified receipt account in ar ?
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Answer / arunkumar
Unidentified:
you receive a cheque, you dont know who(Customer) sent it.
So you dont give credit to any one.
Unapplied:
you receive a cheque, you know who(Customer) sent it, but
you dont set it off against the invoices.
You just give credit.
On-Account:
you receive a cheque, you know who(Customer) sent it, but
you park it in on-account so you cannot set it off against
the invoices.
Still giving him credit.
| Is This Answer Correct ? | 31 Yes | 6 No |
Answer / aru
On A/C is -Where the amount recived is more than the
invocie amount and the excess is lying with business.
Un applied is- where the cash is not applied to a related
invoice yet.
Un identidied is - where the money is received but the
Invoice to which its related is not yet identified.
| Is This Answer Correct ? | 31 Yes | 14 No |
Answer / vinodh vijayaraghavan
ON-ACCOUNT RECEIPT ACCOUNT - Receipts on account is nothing
but the cash or any payments received by a company that is
kept under an account called "suspense account". Its because
the company is yet to identify the reasons for which it has
received the cash after which it will be applied accordingly.
UN-APPLIED RECEIPT ACCOUNT - The company would have
identified the reasons for the payments they received but
would have not applied the funds or posted them. In simpler
terms, application of funds would have not taken place
despite knowing the reasons as to why they were received.
UN-IDENTIFIED RECEIPT ACCOUNT - Its an income or receipt
that remains to be identified. Now here identified means to
ascertain the reasons for the receipt and also to ensure
that it is something should be owed by someone to us. If
sent mistakenly, we will have to refund it back to the customer.
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / tapan
Unidentified Receipt:
A standard receipt entered without customer information.
Unapplied Receipt:
A standard receipt with customer info but not applied to any customer invoices.
Un-account Receipt:
A standard receipt with customer info. But part of the amount or total amount, you would not want to be applied to any invoices. Hence you would keep it on customer account so that once the appropriate invoice is identified, the receipt can be applied.
| Is This Answer Correct ? | 4 Yes | 0 No |
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