What is different in the account posting of a down payment request, compared to the account posting of an invoice? Note: There are 2 correct answers to this question.
Ah, I see what they're getting at. The reconciliation account is likely one of the differences, as down payments and invoices would be handled through separate accounts. I'll make sure to explain that clearly.
This is a good question to test our understanding of the accounting process. I'll start by considering the different G/L accounts and indicators that would be used for each transaction.
I'm a bit confused by this question. What exactly are they looking for in terms of the "account posting" differences? I'll need to review my notes on this topic.
Okay, I think I know the answer to this. The key is to focus on the accounting treatment - down payments and invoices are recorded differently in the general ledger.
Laurel
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