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What is the accounting entries for future dated payment method
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Answer Posted / 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
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