Account Receivable Reserve account
This query is : Open
06 November 2010
Hi,
What are the entries involved under GL Account Receivable Reserve account
What are the entries involved under GL Account Receivable Reserve account
08 November 2010
Account Receivable Reserve account established by the factor to track funds owed to a client as factored invoices are paid. The account amount equals the invoice face value minus the advance, the factor's fees, charge backs and administrative charges.
Whenever , you discount the bill credit the reserve and debit the bank account.
at the completion of credit period , adjust the reserve account with debtors account.
Whenever , you discount the bill credit the reserve and debit the bank account.
at the completion of credit period , adjust the reserve account with debtors account.
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