What is the meaning of unliquidated cash advances?
Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that made the Advance hereunder, on the one hand, and the Trust, on the other, as part of a Workout-Delayed Reimbursement Amount pursuant to subsections (iii) and (iv) of Section 3.05(a) but that has not been …
What is liquidation of cash advance?
Liquidation – means the recording of the liquidation documents in the books of accounts by the accountant as a credit to the cash advance account after verifying the same, although not yet audited by the auditor. ¹ Commission on Audit (COA) Circular No. 90-331 dated May 3, 1990.
What does it mean to be unliquidated?
Unassessed or settled; not ascertained in amount. An unliquidated debt, for example, is one for which the precise amount owed cannot be determined from the terms of the contractual agreement or another standard.
What does unliquidated balance mean?
Definition & Citations: Budgeted amount that is not yet utilized or committed.
How is cash advance treated in accounting?
The cash advance needs to be reported as a reduction in the company’s Cash account and an increase in an asset account such as Advance to Employees or Other Receivables: Advances. (If the amount is expected to be repaid within one year, this account will be reported as a current asset.)
What is an unliquidated asset?
(ʌnˈlɪkwɪˌdeɪtɪd) adj. (of a debt or claim, etc) not settled or paid off(of a commercial firm, bankrupt estate, etc) not terminated by having the liabilities assessed and the assets appropriated for settlement. ———-
What do you mean by unliquidated?
: not liquidated especially : not calculated or established as a specific amount an unliquidated claim.
How do you record a cash advance in accounting?
What is the purpose of cash advance?
A cash advance is basically a short-term loan offered by your credit card issuer. When you take out a cash advance, you’re borrowing money against your card’s line of credit.