Please advise an accounting entry for RTGS made from PSB Bank to HDFC Bank . The RTGS returned due to some technical reason before credited in to HDFC Bank and credited back to PSB Bank. The HDFC Bank is not affected in this transaction.
Regards
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Contra entry
Replies (5)
Hi Rajender,
Can you please confirm whether you are charged for this transaction or RTGS charges also got reversed?
if original contract entry passed in your books when money transferred from PSB to HDFC bank.
when it is returned due to technical reasons, entry is
PSB a/c. Dr.
to HDFC bank a/c
when it is returned due to technical reasons, entry is
PSB a/c. Dr.
to HDFC bank a/c
No Sir,
We are not charged for this RTGS
You Can Revesal Entry,when you transfered to HDFC Bank is
HDFC Bank Dr
To PSB Bank A/C
When payment reverse in your Account,So Entry is
PSB Bank Dr
To HDFC Bank.
Hi,
This is a contra Entry.
Reversal Entry is
HDFC Bank A/c...........................Dr
To PSB Bank A/c.
Even if HDFC bank is not effected. We are debiting the HDFC bank is to reverse previous credit. Thus nullifying the effect.
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