How does one handle outstanding account payable when the business is closing and on an accural basis, but owner has no way to pay the debt, can these expenses be deducted on the final tax return?
What are the tools used in Debtors Reconciliation?
Latest Answer: Liability account total from General LedgerBalance as per Trial balance.Ideally these two should match, however in the below instances it will not get match.Conversion rate not updated for foreign currency invoices (Any ERP)Either Invoice posting/Payment ...
Evaluated receipt settlement is used for __________ backed suppliesa. Paymentb. Purchase orderc. Advanced. All of these.
What do you mean by THREE WAY MATCHING CONCEPT for the following aspectsVoucher & receiverPurchase order, Receiver & invoiceReceiver, Invoice & VoucherInvoice, Purchase order & Voucher
Latest Answer: Matching Qty , Amount in PO , GRN & Invoice booking ...
What is the difference between billable and non-billable expenses?
Latest Answer: Billable Expenses are those which are charged to the Contractor and are paid and Non-billable are those which are not charged. ...
What items of information do you need before you can approve an invoice for payment?
Latest Answer: Payment terms of the invoiceWhether posting in ERP is matching with Invoice copy or notWill approve only hold free Invoicesif it is a Non-PO based, will check whether approver has authority approve invoice total or notIf request recieved to make payment ...
What is Reposting, Distribution and Assessment in accounting?
How to recover an accounts payable with debit balance?
What are the journal entries that will be passing from the Goods received till the payment made to an supplier?
Latest Answer: While receiving a Service or Product1. Dr Inventory a/c Cr Accounts payable a/cCreation of Voucher2. Dr Expenses a/c Cr Inventory a/cCreation of Payment entry3. Dr Accounts Payable a/c Cr Bank ...
What are Golden Rules for Accounting?
Latest Answer: Personal Account - Debit the receiver credit the giverReal Account - Debit what comes in credit what goes outNominal Account - Debit all expenses and losses credit all incomes and gains. ...
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