By: CSSAsks

CSSAsks — Mon, 09 Nov 2009 23:16:32 +0000

If your are asking about the accounting entries, the rules are given below for your reference.
Rule 1
Debit what comes in. Credit what goes out
Rule 2
Debit the Expenses. Credit the Income
Rule 3
Debit the Receiver. Credit the Giver.
A sample entry is given below for payment for XYZ expenses using credit card:-
Dr XYZ expenses Rs 5000
Cr Credit Card a/c Rs 5000
Next, when you make payment (or deposit cheque in your Credit card a/c), the entry would be:-
Dr Credit Card a/c Rs 5000
Cr Your Bank a/c Rs 5000
Remarks:-
1) XYZ expenses ledger to be opened under group “Expenses Indirect”
2) Credit card a/c to be opened under group “Bank OCC a/c”
3) Your Bank a/c to be opened under group “Bank a/c”
For Tally Integration using RTSlink DLL, visit http://www.rtslink.com and sample programs visit http://rtslink.blogspot.com

Comments on: How Do I Account For Credit Card Merchant Account In Tally Or Other Accounting Software?

By: CSSAsks