I have an account with ICICI Bank. I have to send and receive money outside of India in USD for which I use PayPal as payment gateway. I have an account with PayPal which is linked to my debit card & bank account. PayPal makes the currency conversion from USD to INR & INR to USD itself and therefore bank does not play any role in currency conversion.
Sending payment example: I have to send $15 payment to Mike via PayPal. PayPal will deduct the amount in INR from my bank and send the payment to Mike. However, in my bank statement it does not show Mike anywhere; it only shows a payment transaction made to PayPal. Here comes the problem as PayPal is just the payment gateway. In my statement it shows VIN/PAYPAL *HAR/20141030XXXXX/0 - Debit Rs. 957.61 (*HAR is the 3 character initial of email). I also don't have an invoice from Mike. The payment was initiated by me, however in PayPal transaction comment box I did mention the payment was being made for particular goods/service. I wanted to know the proper voucher entry for this transaction in Tally.
The post was deleted by moderator but I don't know the reason as I am not promoting or advertising something. I have a question and I would like to be a part of community. I would appreciate if my post is not deletead by moderator.
CAclubindia
