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Credit sale of inventory on credit Purchases. Cash Journals record items sold or purchased with cash and they also record income received (debtor payment, interest) and daily expenses. If the transaction is of a cash nature, you must be convinced that money/cheque/credit card was also exchanged at the time that the good or service was exchanged.
A credit note or credit memo is a commercial document, utilized in business transactions to indicate a reduction in the amount owed by a customer or owed to a supplier. If the customer returns goods to the seller, the invoice previously issued is cancelled, in part or as a whole, with a credit note.
Memo-posting is a banking practice used in traditional batch processing systems where temporary credit or debit entries are made to an account before the final balance update occurs during end-of-day (EOD) processing. The temporary entry created during memo-posting is reversed once the actual transaction is posted during batch processing.
The accounting equation is a statement of equality between the debits and the credits. The rules of debit and credit depend on the nature of an account. For the purpose of the accounting equation approach, all the accounts are classified into the following five types: assets, capital, liabilities, revenues/incomes, or expenses/losses.
Memos can thus communicate important information efficiently in order to make dynamic and effective changes. [4] In law, a memorandum is a record of the terms of a transaction or contract, such as a policy memo, memorandum of understanding, memorandum of agreement, or memorandum of association.
The sales journal is used to record all of the company sales on credit. Most often these sales are made up of inventory sales or other merchandise sales. Notice that only credit sales of inventory and merchandise items are recorded in the sales journal. Cash sales of inventory are recorded in the cash receipts journal.
The brackets reference another quicken account, and if left in place will post a transaction in that account in addition to the account being imported to, with potentially troublesome results. Avoid this by removing the text including the brackets and replacing with another category if desired.
Accounting records can be in physical or electronic formats. In some states, accounting bodies set rules on dealing with records from a presentation of financial statements or auditing perspective. Rules vary in different countries and different industries have specific record-keeping requirements.