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How to allocate and for short payment receivable amount from client and what is the entry to closed receivable payment.?

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Question ajoutée par Sandeep Panchal , accountant general , Future Services general trading and contracting co
Date de publication: 2018/08/26
Ciril Kamal
par Ciril Kamal , Chief Accountant , Logtech Infoway Pvt. Ltd.

Short payment receivable means amount receivable from the customer for delivered goods or services.  That time the entry will be Sundry Debtors Debit to Sales Credit, to close this entry while receipt of cash/cheque, Bank/Cash Debtor to Sundry Debtor. Sundry Debtors should be shown in the Balance Sheet on the Assets side under Current Assets.

Ahmed Albhery
par Ahmed Albhery , محاسب عام , شركه الفلاح لتاجير السيارات

The bank / cash discount needs to be deducted from the cash / bank and depend on the customer with its short payment values

Sarath Chandran
par Sarath Chandran , Credit Controller , Homewide Llc

As stated, we have received short payment against receivable amount. One needs to debit bank/cash (as received from the debtor) and debit discounts paid (if there is a provision by the management to approve the same) and credit the customer. Else, if discount is not in the managment structure, just needs to debit the cash/bank (as received from the debtor) and credit the customer. Rest for the short payment, a reminder has to be shared with the concerned debtor

Safwan Nassir
par Safwan Nassir , Assistant Auditor , ACE ASSOCIATES - ACCA GOLD EMPLOYER

Short term payment received from clienf means the client paid less than the invoiced amount. Therefor, you Debit Cash if paid by Cash and Credit Accounts receivable. OR YOU Debit Bank if paid through bank and credit the Account Receivables.

Ashraf E. Mahmoud (PhD)
par Ashraf E. Mahmoud (PhD) , University Lecturer, Freelancer Consultant and Trainer for Int'l Business & Banking TF. , FreeLancer

Thanks for invitation,

Following our colleagues answers, and commanding Mr. Chirag Agarwal, since the payment has been effected in short time and before the due date, consequently the payer has to gain some discount.

Chirag Agarwal
par Chirag Agarwal , Audit Associate , Vinay Kumar & co.

difference amount can be treated as discount provided to client 

Suppose rs. is recievable and final amount recieved is rs. than entry will be

Bank/ Cash A/c dr

Discount A/c dr     

to Client A/c             

Utilisateur supprimé
par Utilisateur supprimé

Entry for short payment and account receivable closing will 

 

Debit  - Cash Account 

Credit - Account Receivable

if recevible is bad or could be recovered then,

Debit - Profit & Loss Account

Credit - Account Receivable

 

Sayed Mohamed Abd ELhameed
par Sayed Mohamed Abd ELhameed , Chief Accountant , Whole Foods Trading Company

dr cash 

cr AR

this for payment from Customers 

Ehtesham Ullah
par Ehtesham Ullah , Internee + Volunteer , Business Incubation Center

If  cash received from the client, then

Cash-Debit

Acc/Receivable-Credit

If cash not yet received, Then

Acc/Receivable-Debit

Cash-Credit

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