Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

What is the difference between debit notes receivable and payable?

user-image
Question added by Zaid Mahadin
Date Posted: 2015/04/26
عبدالحميد عفلي
by عبدالحميد عفلي , متصرّف مسؤول المحاسبة العامة والنزاعات الجبائية , الشركة الجهوية للنقل بالقيروان

debit note payable: The seller sends a debit note,

as if it were a new invoice or an additional invoice.

debit note receivable: it is the seller who sends a debit note,

as if it were a new invoice; The buyer receives a debit note

as if it were an additional purchase

WILSON DEPALAC
by WILSON DEPALAC , assistant manager accounts , falcon pack industry llc

Debiting notes receivable means increasing your assets by getting future collection debiting

payable reducing your liability.

Ahmed kandil
by Ahmed kandil , Cost Controller , Battour Holding Cpompany

debt note transaction in A/P module : decrease vendor account 

debt note transaction in A/R module : increase customer account 

Mohamed El Sayed Mahmoud El Refaie
by Mohamed El Sayed Mahmoud El Refaie , Chief Accountant , SSP LIMITED

Receivables and payables (contractual rights to receive or pay money at a fixed or determinable rate

it must be recorded at present value at the date of issuance. If a note is non-interest bearing or

the interest rate is unreasonable (usually below market), the value of the note must be determined

by imputing the market rate of the note and by using the effective interest method.

Many of these rules apply when notes are exchanged for goods and services and the interest rate

 

varies from the prevailing interest rates. Notes must be recorded at present value so that income or loss for the period is not distorted

 

 

 

 

 

 

حسين محمد ياسين
by حسين محمد ياسين , Finance Manager , مؤسسة عبد الماجد محمد العمر للمقاولات العامة

agree with answers >>>>><<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.