How do I account for Credit Card Merchant account in Tally or other accounting software?

I need to create groups of accounts for a company in Tally or other accounting software. I have 2 merchant accounts with different credit card companies. One of them credits my account in their bank and only sends me a statement of amount and commissions - other sends me a cheque after deducting the commissions. - How do I account for such accounts while making entries in to accounting software? Thanks for your time and help.

How do I account for Credit Card Merchant account in Tally or other accounting software?
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"





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