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Journal entry of POS Transaction

Yasir (article assistant ) (432 Points)

20 December 2023

How to journalize the enter of POS Machine Transaction in Tally
generally POS service provider deduct their MDR fees and rest amount send in bank account
how to record these transactions in books of accounts

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5 Replies

sabyasachi mukherjee (26067 Points)
Replied 20 December 2023

Pos transaction are journalised , but in whose books.

Yasir (article assistant ) (432 Points)
Replied 20 December 2023

In the books of a sole proprietorship business

Sharath chandra (Accountant) (1215 Points)
Replied 20 December 2023

Sale ... 98
to bank account ..98

mdr fee .. 1.5
igst .. 0.5
to, merchant account 2

100 re sale. net recd 2rs.
hope this clears the point

prasad Nilugal ( GST Practitioner & Accounts ) (14169 Points)
Replied 20 December 2023

100 Sale , 10 MDR Charges, GST 12 % on Rs 10/- MDR charges 1.2

Bank A/c Dr 90
To Sales A/c Cr 90
( sales through Pos after deducting MDR charges)

MDR Charges A/c Dr 8.80
CGST A/c Dr .60
SGST. A/c Dr .60
To POS Marchant A/c Cr 10
( MDR charges payable)

POS Marchant A/c Dr 10
To Bank A/c Cr 10
( payment entry)

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RAJA P M ("Do the Right Thing...!!!") (127173 Points)
Replied 20 December 2023

If sale Rs 100/- & MDR fee Rs 10/- then follow the below entries...

For Sale :
Dr. Customer A/c - 100
Cr. Sale A/c - 100

For Receipt:

Cr. Customer A/c - 100
Dr. Bank A/c - 90
Dr. POS Ser Provider A/c - 10

For Service Provider Charges:

Dr. MDR Service Charges - 10
Cr. POS Ser Provider A/c - 10