What is the entry for processing fee collected and deposited
This query is : Resolved
05 June 2015
What is the entry for Collecting Processing fee(Income) through DD from Customer Service Point and deposited into bank
05 June 2015
The kind of agreement between you and Customer point is crucial in this regard.
Normally the entry would be
(Assuming the entry is passed when invoice is raised in the name of customer)
Debit : Customer Service Point
Credit : Debtors account (From whom dd is recd)
Debit: Bank account
Credit : Customer Service Point
If you are paying any commission to CSP, the same can be incorporated in the second entry.
Normally the entry would be
(Assuming the entry is passed when invoice is raised in the name of customer)
Debit : Customer Service Point
Credit : Debtors account (From whom dd is recd)
Debit: Bank account
Credit : Customer Service Point
If you are paying any commission to CSP, the same can be incorporated in the second entry.
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05 June 2015
Thanks for your Quick Reply sir
05 June 2015
you are most welcome.
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05 June 2015
Sir Can I write like this
Debit :Processing Fee from CSP(Direct Income) A/c
Credit: Customer Service Point A/c(Debtors)
At the time of Deposit money
Debit : Bank A/c Dr
Credit : Processing Fee from CSP
Debit :Processing Fee from CSP(Direct Income) A/c
Credit: Customer Service Point A/c(Debtors)
At the time of Deposit money
Debit : Bank A/c Dr
Credit : Processing Fee from CSP
05 June 2015
No, it wont give a correct view.
See....my assumption is...when bills/invoices are raised, the revenue entry is already passed in the books. e.g. in the cases of electricity companies, credit card companies, mobile companies.
In your case what is the situation?
See....my assumption is...when bills/invoices are raised, the revenue entry is already passed in the books. e.g. in the cases of electricity companies, credit card companies, mobile companies.
In your case what is the situation?
05 June 2015
My Company is doing Business Like e-Seva e-Governance. we appoint Village Level Enterprenures to give nativity certificates,Death,Birth Certificates and some revenue dept certificates for that services they will collect Rs.10 or Rs.15 but we collect from VLE a some of Processing Fee only. this is the nature of business.
05 June 2015
In that case, what you suggested would be fine with following modification.
Debit : CSP i.e. VLE
Credit : Processing fee (Direct Income)
and then, when money is deposited
Debit : Bank Account
Credit : CSP i.e. VLE (from whom the dd is received)
Debit : CSP i.e. VLE
Credit : Processing fee (Direct Income)
and then, when money is deposited
Debit : Bank Account
Credit : CSP i.e. VLE (from whom the dd is received)
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