India Od account : entry for credit sales if customer swipe card?

[mayson]

Hi all I want to know that what is entry if sold a product to customer & he pays by using card I.e. he swipes his card in our Bob machine so what is the sales entry? In bank statement in particulars column it is written "neft from bobcards Ltd me payment" in deposit column amt is rs. 2000/- so what is the sales entry . Also my bank account type is OD account.

 

[smallbushelp]

Hi mayson. Have you had any bookkeeping or accounting training? That's a pretty basic transaction that involves debiting cash and crediting an income or revenue account.

 

[mayson]

Hi yes I know its a basic transaction but as its credit sales and the bank a/c type is overdraft account so can it be : bank OD a/c .....Dr. To sales...Cr.

 

[smallbushelp]

Yes, that's what I described above. A credit card sale is still cash to you. What's different about your overdraft account? Do you have it categorized as an asset or a liability account on your balance sheet?