Accounting Software
How do I account for Credit Card Merchant account in Tally or other accounting software?
I need to create groups of accounts for a company in Tally or other accounting software. I have 2 merchant accounts with different credit card companies. One of them credits my account in their bank and only sends me a statement of amount and commissions – other sends me a cheque after deducting the commissions. – How do I account for such accounts while making entries in to accounting software? Thanks for your time and help.
I appreciate your answer Mr. Soni. My question was for a merchant account where customers pay me using their credit cards and then I receive the amount from credit card company. One directly credits my account with them while the other sends me a cheque. How do I open these accounts – under which group? Thanks again for your time.
If your are asking about the accounting entries, the rules are given below for your reference.
Rule 1
Debit what comes in. Credit what goes out
Rule 2
Debit the Expenses. Credit the Income
Rule 3
Debit the Receiver. Credit the Giver.
A sample entry is given below for payment for XYZ expenses using credit card:-
Dr XYZ expenses Rs 5000
Cr Credit Card a/c Rs 5000
Next, when you make payment (or deposit cheque in your Credit card a/c), the entry would be:-
Dr Credit Card a/c Rs 5000
Cr Your Bank a/c Rs 5000
Remarks:-
1) XYZ expenses ledger to be opened under group “Expenses Indirect”
2) Credit card a/c to be opened under group “Bank OCC a/c”
3) Your Bank a/c to be opened under group “Bank a/c”
For Tally Integration using RTSlink DLL, visit http://www.rtslink.com and sample programs visit http://rtslink.blogspot.com
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