How to pass third party payment gateway entries in tally erp

Accounts 864 views 3 replies

rakumar

Jr.Accountent

7 Points Joined February 2019

Hello Professionals,. Could you please resolve the below question ? Basically, We have a website and selling items through website. In this website we are using Third party payment gataway limited(Eg.CC Avenue). If we sell the item in Website, that money goes to Third party(Sundry Debtor). This thrid party member send the money to our Account after 1 week. Eg. Item Cost: 1000/- Goods IGST(5%): 50/- Total: 1050/-(This amount paid by Customer to CC Avenue) But CC Avenue took some amount from the above amount. Per Example they Charged 50/- and 18% Service Tax(IGST 18%). Total They charges 50/-+ 18% of 50/- So 50/- + 9/- Total: 59/- And finally I get 1050 - 59/- = 991/- from CC Avenue to my bank. How to treated above example in Tally ERP 9( With Goods IGST 5% and Service Tax IGST 18%. Please help me if anyone expert inTally ERP 9 GST. Thanks in Advance

Replies (3)

Manjunath L Bellubbi

48 Points Joined February 2020

As per my knowledge the accounting treatment will be

letus take goods sold to ABC

a) When goods sold to ABC for 1000+5% Igst (sales entry to be pass)
ABC a/c. 1050. (Asset goesup bcoz. ABC is your S Dr's now)
To Sales a/c. 1000
To Output IGST @ 5% 50

B) When ABC made payment to CC avenue (Journal Entry to be pass)

CC avenue A/C. 1050. (Asset goes up bcoz Cc avenue is u r S Dr's now)
To ABC. 1050. (Asset goes down bcoz ABC discharged they liability)

C) when Cc avenue make payment to You. (Recp entry to be pass)

Bank a/c. 991
Input igst @ 18% 9
CC avenue service charge account. 50
To Cc Avenue a/c. 1050. ( Asset goes down bcoz CC avenue discharged they liability)