What happens if I make partial credit card payment? How is the interest charged on the balance due amount?
If you make a partial payment, the interest would be charged on the remaining balance in the next billing cycle. That’s not the only charge to be levied. In fact, the applicable GST would also be applied over the interest charged each billing cycle to make it an inflated bill.The interest would be charged on the outstanding balance from the date of purchase to the next bill generation date and so on. The rate of interest on credit card can be anywhere between 30%-40% a year, or even more.What’s the Formula to Calculate Interest on Balance Due Amount?Check the formula below showing the calculation of interest on revolving credit.[(Starting Balance x Rate of Interest Per Month x 12 x number of days in a month x 365)]/100]The interest can accrue even more if you withdraw cash from the ATM. Cash withdrawal attracts interest from the point of instance. Plus, it comes with a fee that can be either a certain percentage of the withdrawal amount or a flat figure. The GST will further apply over the interest and fee amount.Is It Advisable to Make a Partial Payment?Given the surging interest rates applicable to revolving credit card debt, it’s only good to shop within the limit to be able to pay off in full so that there won’t be any interest and other charges to inflate the bills.However, if you are already stuck in a massive debt, you can either make a balance transfer to some other bank’s credit card at a lower rate of interest or get your outstanding converted into EMIs. Lenders offer the EMI conversion facility at a lower rate of 13%-20% for different repayment tenures ranging from 3–48 months, depending on the quantum of outstanding balance and your ability to pay.
Accounting Software: What is the difference between QuickBooks and Quicken?
Quicken is sort of a glorified checkbook register. It does things for personal budgeting and it makes it easy to reconcile your checkbook with the bank. It also does online payments.QuickBooks is a double-entry bookkeeping package that handles accounts, sales, invoices, budgeting, payments, payroll, and fine-grained tracking of accounting data. QuickBooks would be difficult for an individual to use effectively for personal budgeting, but it handles a lot of rules that are required for small to medium businesses to work effectively. For example, if you stop payment on a check that was a partial payment for an bill that had invoice items for both your supplies and things that would be passed through to your customers, what should be done with all of the accounts associated with that action? That sort of thing is what double-entry bookkeeping packages are good at.
What is journal entry for short payment?
I’m assuming you mean a payment which was not a payment in full.Depends on your G/L setup and your accounting method.Cash basis:If you’re using column paper, debit cash and credit sales.If you’re using something like quickbooks, just create a deposit for it using the bank account as your debit and credit income. This is assuming that you have not created an invoice for the client.Accrual:If you’re using column paper, debit cash credit A/R. This is assuming you’ve already recorded the sale (you should have if you’re on an accrual method).In quickbooks, record it as a payment and apply it to the clients account. This will handle the entry for you.
What do these general journal entries look like?
The company hired Lyn Addie as a part-time assistant for $125 per day, as needed. No entry needed. This is not considered an accounting transaction. The company billed Easy Leasing another $1,400 for services performed. Dr Accounts Receivable 1,400 Cr Service Revenue 1,400 The company received $4,800 cash from Easy Leasing as partial payment on its account. Dr Cash 4,800 Accounts Receivable 4,800
I need a good online property management software.?
It depends on what your needs are and how many properties you are managing. I recommend you look at RentMonitor. (Full disclosure - I work there, but I really like our product) It has a free 30-day trial so there's no risk to try it. Check it out at http://rentmonitor.com.
Please help! Accounting HW. Assets = Liabilities + Owner's Equity Error?
Jerry Trickett, a retired army officer, opened Trickett's catering service. As his accountant, analyze the transactions listed and present them in proper form. A. The analysis of the transactions by using the expanded accounting equation _______________________________________... 201X Mar 25. Jerry invested $30,000 in the catering business from his personal savings account Mar 27. Bought equipment for cash from Lucas Co. $700 Mar 28. Bought additional equipment on account from Gavin Co. $3,000 Mar 29. Paid $1,000 to Gavin Co. as partial payment of the March 28 transaction _______________________________________... Apr. 1 Catered a graduation and collected casg, $2,500 Apr. 5 Paid salaries of employees $1,500 Apr. 8 Prepared deserts for customers on account $200 Apr. 10 Received cash $100 cash as partial payment of September 8 transaction Apr. 15 Paid telephone bill $60 Apr. 17 Paid his home electric bill from the company's checkbook $90 Apr. 20 Catered a wedding and received cash $1,400 Apr. 25 Bought additional equipment on account $900 Apr. 28 Rent expense due but unpaid $900 Apr. 30 Paid supplies expense $250 I plugged it in Quickbooks and did it manually. I am not getting Assets = $35,100. Can someone show steps? I just want to see what I missed. Thanks before hand!