Sales Ledger Control Account definition

Sales Ledger Control Account means the account or accounts maintained by us in your name for the purpose of recording the Notified value of Book Debts and any adjustment thereto by reason of the issue of credit notes or otherwise;
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Sales Ledger Control Account means an account in your name to which the Notified Value of Debts will be debited and the value of all Remittances, credit notes, credit adjustments and other items reducing the value of a Debt will be credited;
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Examples of Sales Ledger Control Account in a sentence

  • Benefits will be mainly a business that you manage - instead of a business that manages you! Double Entry PrinciplesBy entering a Sales Invoice in the Sales Ledger, the customer’s account, the Sales Ledger Control Account (agreeing the total of the individual sales ledger balances to the total debtors in the trial balance), the VAT Account, and the Sales Account in the Profit and Loss Account are all automatically updated.

  • We may in our discretion transfer the Purchase Price of a Book Debt from your Sales Ledger Control Account to your Client Account before being notified that we have received cleared funds in full payment of that Book Debt.

  • We shall provide the ability for you to make Notifications and access by you to information shown on any Business Day during normal working hours on your Sales Ledger Control Account and Client Account together with details of the funds available to you by way of Prepayments that at that time have not been paid to you and the amount of the Prepayments already made to you (subject to the Funding Limit and fees and charges as set out in the terms of this Agreement).

  • The amount of each credit note, allowance or discount Notified to us under condition 7.12(a) will be treated as a reduction to the Purchase Price of the Book Debt to which it relates and will be debited to your Sales Ledger Control Account.

  • We may in our sole discretion make a credit to the Sales Ledger Control Account without deducting any of the items in accordance with condition 4.3(a).

  • We shall consequently aggregate and debit all such items at any time thereafter either to the Sales Ledger Control Account and/or the Client Account.

  • This, therefore, acts as a deterrent against fraud.(Any 2 points @ 2 marks each = 4 marks)(Total: 20 marks) EXAMINER’S COMMENTSQuestion 3a) required Candidates to prepare a Revised Sales Ledger Control Account, This was fairly answered by most Candidates.

  • The reconciliation will be evidenced by the APFF and authorised by another Assistant Principal A reconciliation will be performed by the APFF between the Sales Ledger list of balances and the Sales Ledger Control Account..

  • Sales Ledger Control Account Businesses want to know how much is owed by credit customers, and we would have to add up all the totals from the Sales Ledger each time this information was required.

  • The Discount Allowed column in the Cash Book had been under cast by `280.You are required to give the journal entries, where necessary, to rectify these errors, indicating whether or not any control accounts is affected, and to make necessary adjustments in the Sales Ledger Control Account bringing down the balance.

Related to Sales Ledger Control Account

  • Control Account means a Securities Account or Commodity Account that is the subject of an effective Securities Account Control Agreement and that is maintained by any Loan Party with an Approved Securities Intermediary. “Control Account” includes all Financial Assets held in a Securities Account or a Commodity Account and all certificates and instruments, if any, representing or evidencing the Financial Assets contained therein.

  • Control Account Agreement means any tri-party agreement by and among a Loan Party, the Administrative Agent and a depositary bank or securities intermediary at which such Loan Party maintains a Controlled Account, in each case in form and substance reasonably satisfactory to the Administrative Agent.

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • FT Account Pool #: Mortgagor's Name, Address and Zip Code: Mortgage Loan Number: Reason for Requesting Documents (check one)

  • Subsidy Account If the Trust Estate contains any Subsidy Loans, the deposit account or accounts created and maintained by the Servicer for deposit of Subsidy Funds and amounts payable under interest subsidy agreements relating to mortgage loans other than the Mortgage Loans.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Lock-Box Account With respect to any Mortgaged Property, if applicable, any account created pursuant to any documents relating to a Mortgage Loan or Serviced Loan Combination to receive rental or other income generated by the Mortgaged Property. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Loan Combination and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Revenue Account means the Revenue Account established pursuant to the Resolution. “Revenues” means the Pledged Receipts and Recoveries of Principal.

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • Approved Deposit Account means a Deposit Account that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Loan Party with a Deposit Account Bank. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Collection Account Control Agreement means the Amended and Restated Collection Account Control Agreement, dated as of the date hereof, among the Borrower, the Servicer, the Administrative Agent and the Collection Account Bank, substantially in the form of Exhibit D-3 hereto, as amended, modified or supplemented from time to time.

  • Payroll Deduction Account means the bookkeeping account established for a Participant in accordance with Section 6.

  • Commercial account means an arrangement whereby a retail distributor sells hazardous chemicals to an employer, generally in large quantities over time and/or at costs that are below the regular retail price.

  • Running Account Bill means a bill for the payment of "On Account" money to the Contractor during the progress of work on the basis of work done and the supply of non-perishable materials to be incorporated in the work.

  • Concentration Account Agreement as defined in subsection 4.16(b).

  • Client Account means the unique personalized account of the Client consisting of all Completed Transactions, Open Positions and Orders on the Platform, the Balance of the Client money and deposit/withdrawal transactions of the Client money. It is understood that the Company may use the term Trading Account or Account on its Website or communications, which shall mean your Client Account.

  • Collection Account Agreement means that certain Collection Account Agreement, dated the Closing Date, among the Borrower, the Servicer, the Account Bank, the Administrative Agent and the Collateral Agent, governing the Collection Account and which permits the Collateral Agent on behalf of the Secured Parties to direct disposition of the funds in the Collection Account, as such agreement may be amended, modified or supplemented from time to time in accordance with its terms.

  • Clearing Account Agreement means that certain Clearing Account - Deposit Account Control Agreement dated the date hereof among Borrower, Lender and Clearing Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the Clearing Account.

  • Collection Accounts As defined in Section 3.10(a).

  • Special Accounts means the accounts referred to in Section 2.02 (b) of this Agreement.

  • Designated Accounts as used in any security agreement means both the Designated Accounts hereunder and the “Designated Accounts” in the comparable agreement entered into with respect to any other Pledgor.

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • Trading Account means the unique personified register of all completed transactions, open positions, orders and nontrading operations on the trading platform.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Disbursement Accounts has the meaning ascribed to it in Annex C.