What is meaning by this saying

A/c entries 665 views 2 replies

 In accounting language we use that "Our A/c is credited by them"

do we then mean that opposite party has credited our firm?

Replies (2)

Yes

If "A" issue a cheque to "B"

than A debit of B account in self (A) book

and B Credit of A account in self (B) book

when you hear some one saying " our account is credited by them" , then you are over hearing, a team which either controls the receivables/payables or team which details with bank reconcilations.

When some one says our account is credited,  that means you have an information or an intimation from a third party that they had marked a credit and in our books we need to make a corresponding debit.  Proper references for the transactions to be maintained which can come handy while doing recon in a future date


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