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Accounting Entry for credit card payment

anitha (article) (85 Points)

24 December 2009  

hi guys..pls tell me the accounting entry if a customer paid the bill through credit card...thanx in advance


 16 Replies

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26935 Points)
Replied 24 December 2009

Hey, Ur Credit Card machine ( Bank Name) Will b Debited

to Sales/Goods Account


(Guest)

1st made the entry in books... when payment made for card (say ICICI Credit CArd)...

ICICI Credit Card .....Dr

      To Bank

then...

Expenses(for which card is used)......Dr

   To ICICI Credit Card

and at last the balance of ICICI Credit Card should be NIL or Credit...it should not be debit..

CA Shailesh Ghase. ACA,B.com (CA) (114 Points)
Replied 24 December 2009

First book the sale as..

Customer A/c .......Dr.

   To Sales

and then receive the payment as

Credit Card A/c ......Dr.

  To Customer A/c

By tht ur customer a/c get nullify and pay is booked on revenue side

Ravikant Mishra (Manager Commercial & Adminstration)   (35 Points)
Replied 24 December 2009

Kindly help me how to enter the 10% Performance bank Guarantee  ( PBG)on sale, simultaneously these PBG will be issued by the bank against keeping the margin money of 25% for the PBG , which will have the maturity value same as the expiry date of PBG.

Kindly guide for entries to be done in Tally erp.

Ravi Mishra.

Prieya (26 Points)
Replied 24 December 2009

if you are the customer and you paid through your credit card

Exp A/c Dr

To Credit card (Bank Name) A/c

 

and then

Credit card (Bank Name) A/c

To Credit Card (Bank Name) Payable A/c

 

And finally when you pay to your bank the credit card payment

Credit Card (Bank Name) Payable A/c

To Bank A/c

 

if your customer has paid you through credit card

Credit Card (Bank) A/c Dr.

To Sales A/c

 

and when you receive credit in your bank account then

Bank A/c Dr.

Discount Charged A/c Dr

To Credit Card Bank A/c

manish (Article Assitant) (358 Points)
Replied 25 December 2009

Purchase Entry

1st made the entry in books... when payment made for card (say ICICI Credit CArd)...

ICICI Credit Card .....Dr 

                 To Bank

then...

Expenses(for which card is used)......Dr

   To ICICI Credit Card

and at last the balance of ICICI Credit Card should be NIL or Credit...it should not be debit..


Sales Entry

First book the sale as..

Customer A/c .......Dr.

   To Sales

and then receive the payment as

Credit Card A/c ......Dr.

  To Customer A/c

By tht ur customer a/c get nullify and pay is booked on revenue side

 

MUTHUSAMY (CA FINAL & ACS FINAL) (253 Points)
Replied 25 December 2009

 I agree with prieya

First!!!! (student) (162 Points)
Replied 26 December 2009

1)Customer A/c Dr. . .

To Sales A/c

 

2)Credit Card Co. A/c Dr

To CustomerA/c

 

3)Bank A/c Dr. .

To Credit Card Co. A/c

 

 

VIJAY (ACCOUNTANT) (2 Points)
Replied 19 April 2017

HOW TO ACCOUNT CREDIT CARD ADVANCE. IF THE SALE IS EXPECTED IN FUTURE ?

Rahul Kumar (4 Points)
Replied 25 August 2017

credit card bill total amount 10000

previous amount 4000

paid amount 5000

(iski kya hogi journal entry plz fast awnser)

Rahul Kumar (4 Points)
Replied 25 August 2017

credit card bill total amount 10000

previous amount 4000

paid amount 5000

(iski kya hogi journal entry plz fast awnser)

Yogesh Dadwe (2 Points)
Replied 25 August 2018

SIR BUT IN RETAIL COUNTER HOW CAN POSSIBLE EVERY CUSTOMER CONVERT IN SENDU

Imran Ba Amar (2 Points)
Replied 13 September 2018

Kindly help me pass following entry Samsung galaxy note Mobile sold to customer for rupees 10000, 6000 through credit card and 4000 in cash. Pass in sale voucher because my item will be minus in stock

sans santosh (2 Points)
Replied 03 February 2019

how take take entry in tally for card swipe payment received from customer card machine entry in wich groupo in tally

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