As wallet uses have increased over the years, how to consider wallet uses in terms of accounting. Open Wallets are just like bank accounts but do we consider Closed or Semi-Closed wallets as accounts too.
for example, a business order a product on paytm using their GST Number and it got returned and money reached PayTM wallet, actually PayTM is a medium only. supplier was issuing his own invoice but we can't put balance in his name so should we put PayTM Wallet under Bank or Cash section or under Creditors or under Reserve?
another example can be for recharge business where normally companies ask for bank transfer and deduct money from it upon recharges. It is also Closed Wallet so how to account this in business?
Please help
CAclubindia
