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What is the accounting entries for future dated payment method
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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
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / venkata karthik
future dated payments means prepaid expenses like prepaid
insurance
| Is This Answer Correct ? | 7 Yes | 6 No |
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
| Is This Answer Correct ? | 0 Yes | 9 No |
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