What is claim in corporate accounting?

What is claim in corporate accounting?

Third party claims examples

Hello, Good morningI would like you to help me.we sent a cover to a customer, which caused problems, we decided to send it to the factory to see if it was the manufacturer’s problem, which has been so, so the supplier pays us part of the price of the cover.now comes my question, to pay the customer the money, to which account I have to register it?greetings and thank you.

Hello FaniThank you for answering so quickly, but in truth it is not a return of sales, but a credit for claim.esque I’m quite lost, the truth, because we have put an accounting program that we did not use before and I’m lost.a greeting and thank you

The accounting software has nothing to do with the accounting principles.you should explain a little more in detail, specifying what kind of claim it is, how it has been solved, what documents have been involved, etc.Sometimes you are so few in the planteaminetos, that sometimes it is difficult to give an answer, moderately coherent.greetings.

We sent the cover to the customer, by delivery note (at the end of the month it was invoiced and the customer paid it) when the customer mounted it, it did not have good behavior, then we sent it to the factory to make a test to see if it was a factory problem and it was approved, that is, the factory is responsible for the cover and pays us, then we have to pay it to our customer. Then, I have to make the payment to the customer, but I don’t know how to do it, because I don’t know to which account it has to be reflected.

Read more  What qualifies as PTSD?

Miscellaneous accounts receivable — related examples

Government subsidies (sub-account 469) may be subject to compliance with conditions, and therefore, if received in advance, a liability is recognized for the obligation to repay such subsidy (subsidy) in the event of noncompliance. In other cases, grants received should be recognized over periods in which they will offset related costs. The related revenue subaccount is 7591.

These subaccounts are initially recognized at fair value, generally equal to cost. After initial recognition, they are recognized at amortized cost, using the effective interest rate method, except for liabilities for derivative financial instruments and financial liabilities for commitment to sell, which should reflect the fair value of the related instruments.

Accounting record of a loan granted

Considering the above, the purpose of Environmental Management Accounting (EMA) is to measure the financial and non-financial impacts of the company’s actions on the environment when it performs its economic activity, being necessary its application for the sustainable development of the entity and in view of the regulation of global warming.

The implementation of the CGA is a core part of this business management to improve the identification, monitoring and management of inputs, energy, waste and environmental impact, as well as the accounting process of assets, liabilities and costs, of environmental type, to be presented in the financial statements for decision making.

In this sense, it represents a challenge for the financial management of organizations to have the EMA tool within their finances to measure with greater precision and responsibility the environmental issues related to compliance with regulations, business management, eco-efficiency, added value and quality of life.

Read more  What was PPI supposed to cover?

General business chart of accounts 2021

The individual and consolidated annual accounts for the first fiscal year beginning on or after January 1, 2021 will be presented including comparative information, but the company is not required to restate the comparative information for the previous year. The comparative information will only be shown restated if all the criteria approved by the Royal Decree can be applied without incurring a retrospective bias, without prejudice to the exceptions set out in the transitional provisions.

A contract only exists when rights and obligations enforceable by the parties arise, including variations, modifications or claims. If a contract does not exist and an amount has been collected from the customer, revenue is only recognized when the amount collected is non-refundable, there are no outstanding obligations to be delivered and all or substantially all of the consideration has been received or the contract has been terminated.

The resource method and the product method are permitted as methods of progression. However, it is prohibited to recognize the margin for significant materials acquired from non-installed third parties when the resource method is applied, i.e. when revenue is recognized for costs incurred using the percentage-of-completion method. In this case, revenue is recognized only for the cost of the materials when control is transferred to the customer.

Read more  How do you respond to a pre-action protocol letter?

The team of editors writes about legal news and developments so that they are at your fingertips.