Accounting entry of POS transaction

2222 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