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Recording payments in accounting can otherwise be referred to as accounts payable, which means the total amount a given company owes to companies or suppliers for products or services. Furthermore, the accounts payable balance is reflected in the balance sheet.

Record any cash payments as a debit in your cash receipts journal like usual. Then, debit the customer's accounts receivable account for any purchase made on credit. In your sales journal, record the total credit entry.

Record any cash payments as a debit in your cash receipts journal like usual. Then, debit the customer's accounts receivable account for any purchase made on credit. In your sales journal, record the total credit entry.

On a trial balance, accounts receivable is a debit until the customer pays. Once the customer has paid, you'll credit accounts receivable and debit your cash account, since the money is now in your bank and no longer owed to you. The ending balance of accounts receivable on your trial balance is usually a debit.

Transaction Payment means (a) any success, change of control, retention, transaction bonus or other similar payment or amount to any Person as a result of or in connection with this Agreement or the transactions contemplated hereby (including any such payments or similar amounts that may become due and payable based

Recording payments in accounting can otherwise be referred to as accounts payable, which means the total amount a given company owes to companies or suppliers for products or services. Furthermore, the accounts payable balance is reflected in the balance sheet.

On account could refer to payment on account in which payment is made against a certain customer's account without any reference to a specific invoice. Payments on account are often made for purchases on account where the customer has not yet received a bill or invoice.

When a customer submits a payment on an account, your bookkeeper makes a journal entry of the amount and the transaction is considered "paid on account." This simply means the customer has made a payment which goes in the accounts receivable ledger on the full amount owed.

When payment is made against an account, such that the entry in the accounts payable of a company's books is no longer outstanding, it is referred to as paid on account. Payments made on account decrease accounts payable as a debit entry to the account. Most lenders will accept payments on account.

You make a payment when you give a sum of money in exchange for goods you have received. Talking about paymentIf payment is authorized, it is allowed by a bank. If payment is received by someone, they are paid for something. A method of payment is a way of paying for something.