306 – Other Accounts Payable/Intercompany Payable - Short Term

Current Liabilities

Accounts & Notes Payable

Synopsis

Account 306

Debits

Credits

  1. Any Payments received for Other Accounts Payable or Intercompany Payables.

 

  1. The amount of Other Accounts Payable or Intercompany Payables that are due within the next 12 months (Current Liability) and are not classified as Trade Creditors, Vehicle Lien Payoffs, License and Registration Fees, or Customer Deposits.

 

Remarks:

·         This account is for any other Accounts Payable that does not fit into one of the already named categories, and Intercompany Payable amounts that are repaid monthly to subsidiary dealerships.

·         This account should be used for other Accounts and Notes Payable, and Intercompany Payables that are due to be paid with the next 12 months, or less.

Note: