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

Answer / venkata karthik

future dated payments means prepaid expenses like prepaid
insurance

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

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