Is the accounting entry different for Credit Card Transactions or normal Invoice - Payment transactions. If so, how?

Questions by sbagai2001   answers by sbagai2001

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nag

  • Jan 6th, 2007
 

It is not defferent from normal invoice pament, why becasuse on behalf of the company financial institutions will pay  and through EDI financial institutions will be paid by the company.

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menonsandeep1982

  • Aug 20th, 2008
 

A credit card order is same as any other order for accounting. i.e. DR Rec CR Rev

But the receipt process can be different depending on ur clients requirements to categorize remitted receipts and cleared receipts different.

Receipt Cleared
CR Rec DR Cash ( Clearing account)

Receipt Remitted
CR Cash (Clearing) DR Cash ( Remitted account)

if both are setup same in bank then the above is just a moo point :-)

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