Basics - Is the accounting entry different for Credit Card Transactions or normal Invoice

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

Total Answers and Comments: 3

Last Update: August 20, 2008 Asked by: sbagai2001

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January 06, 2007 02:09:07

nag

RE: Is the accounting entry different for Credit Card ...

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.

Question required some more clarity in order to elobrate the ans.

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August 20, 2008 01:37:52

menonsandeep1982

Member Since: August 2008 Contribution: 3

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

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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August 20, 2008 01:39:15

menonsandeep1982

Member Since: August 2008 Contribution: 3

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

When you complete an invoice schedules are created in ar payments schedules all and the transaction distributions are elgible to send to GL

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