Definition: Incurred, in accounting terms, means the moment in which an expenses has occurred or a transaction has taken place and must be recorded. In other words, it is the exact date in which a financial operation has happened and must be recognized in the accounting system. What Does Incurred Mean? What is the definition of incurred? Date Incurred is the date when the the purchase actually happened. These dates can be the same - for example when you pay for something right away in cash or by credit card, or they can be different - if you buy something (incur the expense) and then pay for it later when you receive an invoice.
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Medindia Insurance Glossary Incurred Date. Insurance Glossary. Insurance Term - Incurred Date The dates on which healthcare services are provided doed a policyholder. The incurred date, not the date on which the insurance company pays a healthcare claim, is the critical date in determining health meann benefits. For example, a health insurance company will not pay a claim for health care services incurred prior to the effective date of the health insurance coverage.
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Jan 30, · What Does Incurred Mean? Incurred is an accounting term that means that all transactions, regardless of their nature, must be recorded when they occur. It means that an accountant must recognize and record the transaction on the date when it occurred rather than on the date when the transaction was actually paid. The incurred date, not the date on which the insurance company pays a healthcare claim, is the critical date in determining health insurance benefits. For example, a health insurance company will. Incurred Date: Incurred date is the exact date when the expense was incurred. This can be selected in the Date Incurred field on the expense sheet.
I published this bankruptcy blog so that students and clients will be able to refer to outlines or summaries of issues we have already discussed.
Prospective clients with questions about bankruptcy are encouraged to call me for a free initial consultation. I can only put one date for the date the debt was incurred, so do I use the last time the credit card was at zero or the last time the card was used?
I can't put both. Wiese, Bankruptcy Blog. One of the most difficult questions clients have to answer in their pleadings relates to the date a debt was incurred. The bankruptcy pleadings, and the local chapter 7 trustees, require the disclosure of this imformation.
It is a difficult disclosure because clients want to be careful with their disclosures, but don't know these dates with precision. The important thing to remember for this disclosure is that the client will certify that the dates are accurate to the best of the person's information, knowledge, and belief.
So, precision is not exactly what is required. Absent remarkable record keeping, all we may need is an estimate of the approximate date the account balance was last zero or if it's a one time event, when that event took place , and, approximately the last date a purchase was charged to the account.
So, for a car loan there would be one date. And for a credit card account there would be two. The more time that has passed since the starting date of a credit card balance the more general the estimate may be.
For example, if a Visa debt started to accumulate 5 years ago we wouldn't expect an estimate of the month, and day. Conversely, we would expect more details on an account balance that were incurred within the last few months. Posted by David Wiese at PM. Labels: Drafting the Pleadings. George Williams August 8, at PM. Newer Post Older Post Home. Subscribe to: Post Comments Atom. David W. Location Elfin Forest Road East.