In daily business activities, companies sometimes use credit cards for payment and repayment. How to make accounting entries for repaying credit card business?
Account processing for repaying credit cards
Debit: other monetary funds - credit card
Loan: bank deposit or cash
Enterprises increase other Monetary funds are debited to other monetary fund accounts and credited to the "bank deposit" account; to reduce other monetary funds, relevant accounts are debited and other monetary fund accounts are credited.
Account processing related to other monetary funds
1. Deposits from other places
(1) When the enterprise entrusts a local bank to remit the money to the place of purchase to open a special account :
Debit: other monetary funds - deposits from other places
Credit: bank deposits
(2) When the enterprise receives reimbursement vouchers such as invoices and bills from the buyer :
Debit: material procurement/raw materials/materials in transit
Taxes payable - value-added tax payable (input tax)
Debit: other monetary funds - Deposits from other places
(3) When the bank at the place of purchase transfers the excess funds back to the local bank settlement account:
Debit: bank deposits
Credit: other monetary funds - Deposits from other places
2. Bank draft deposits
(1) After the enterprise obtains the bank draft, it shall be timed according to the return stub of the power of attorney stamped by the bank:
Debit : Other monetary funds - bank draft
Credit: bank deposit
(2) When the enterprise uses bank draft to settle the purchase price with the sales unit:
Debit: Material procurement/raw materials/materials in transit
Taxes payable - value-added tax payable (input tax)
Credit: other monetary funds - bank draft
( 3) If there is excess money to be returned:
Debit: bank deposit
Credit: other monetary funds - bank draft
3. Deposit investment funds
p>(1) When depositing investment funds:
Debit: other monetary funds - depositing investment funds
Loan: bank deposit
( 2) When purchasing financial assets with deposited investment funds:
Debit: trading financial assets
Lending: other monetary funds - deposited investment funds