banner_ad

Accounting entry of POS transaction

2567 views 8 replies
Total POS transaction Amount 164700
MDR & GST charges 2473.24
net amount received in bank account
162226.76
how to enter this transaction in books of account
Replies (8)

 Day by day you have to credit those customers who made those transactions .............. Dr. to gst ( cgst & sgst ) ........... ................ like if any customer transfers via pos to your account ....you may have to credit such an amount ( 164700 ) & dr. to gst & charges if any .  

Parents pay the tution fees of students

Do you want to ask about payment entry or receipt entry ????

Receipt entry
1) IS it school ?
2) If it is school, how GST is applicable?.
4) what is MDR expenses?.
please elaborate in detail.
There was a school in school there is a pos machine for taking the fees form parents
school have no gst
but our pos merchant charges MDR and on MDR charges they take gst after deducting MDR and gst charges they send payment in school bank account

You have to pass two separate entries for receipt of fees and payment of MDR expenses

1) School fees Collected in POS Marchant Machine and deposited in your Bank .( receipt entry)

Bank A/c Dr. 162226.76
To Tution fees A/c Cr 162226.76
( Tution fees Collected )

Tution fees Collected Transfer to Income & Expenditure Account entry

Tution fees. A/c Dr 
To Income & Expenditure A/c
( Transfer entry)

---------------------------------------------------------------------

2) MDR expenses A/c Dr
    CGST A/c Dr
    SGST. A/c Dr
    To POS Marchant A/c Cr . 2473.24
( MDR expenses booking entry after receipt of Invoice from Marchant for using PO Machine)


POS Marchant A/c Dr   2473.24
To Bank A/c Cr                             2473.24
( payment entry of MDR Expenses)

Your school has to take Invoice from Marchant for MDR charges +GST

Yup nice one. I don't school and hospital nor trust accounting. 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details