What is Paid On Account? Sometimes, you may choose to make a payment for an amount due but you haven't received a bill from the supplier yet, making the payment difficult to reconcile. Similarly, you might receive a payment from a customer before you have issued him with an invoice. The...
Due to account is a type of liability account that is found on an accounting statement. The main situations in which a due to...
Whenever a payment is provided after a service has been rendered, it is known to be paid in arrears. It can be intentional or unintentional depending on the situation. ‘In arrears’ means payment is behind. For example, in case, you provide a bill after you provided a service, then you...
With tax situations, the income tax payment on account is normally structured to require the taxpayer to remit a minimum amount per calendar month, until the balance is paid in full. A payment arrangement of this type is often created when a taxpayer finds that he or she owes additional taxe...
What Does Pending on a Bank Account Mean Image Credit:Yozayo/iStock/GettyImages Pending Deposits and Charges If you access your bank account online or over the phone, you might encounter some deposits and charges listed as pending. Video of the Day ...
In the world of international commerce, several shipping terms are used to define the responsibilities and obligations of buyers and sellers. One such term is DDP, or "delivered duty paid." But what is this delivery agreement all about, and how does it work? In addition, why should e-comme...
When a business is acquired, it is common for the buyer to pay more than the market value of the business’ identifiable assets and liabilities. The amount that is paid in excess is known as goodwill. Unlike physical assets such as building and equipment, goodwill is an intangible asset th...
What does it mean to amortize annually? What are the accrual type accounts on a balance sheet? What is the accumulated depreciation account in accounting? What is write off in accounts receivable? How do you expense an interest payable account in accounting?
Property taxes and mortgage interest paid. This typically appears on aForm 1098, Mortgage Interest Statement, which you will receive from your mortgage lender.5If you have no mortgage or do not have an escrow account paying yourproperty taxes, then you will need to keep a record of your prop...
What Does Expensable Mean? The term “expensable” means “eligible to be claimed as an expense.” Understanding Deductibles Tax deductibles serve as incentives provided by governments to encourage certain behaviors. Governments tend to want people to do things that are deemed beneficial to individual...