Share this content
3

What date for credit card receipts/payments

Didn't find your answer?

Search AccountingWEB

If a customer pays an invoice by credit card the individual credit card receipts for each day are combined and the total for the day is received in the main bank 3 to 4 days later. I tend to set up a “credit card bank” to record the individual transactions on the date of receipt and then do a transfer from that account to the main account for the total - but what should be the date of that transfer? If on the first date the funds are an outstanding receipt on the main bank account and if the latter the balance on the credit card bank account is in effect a debtor?

Similarily if an expense is paid by debit card should the date of payment be used or the date the funds leave the bank account?

Replies (3)

Please login or register to join the discussion.

avatar
By WhichTyler
20th Sep 2019 12:58

Does it matter as long as you are consistent? I encourage my teams to book them as the day the transaction happens, and let it be part of the bank rec

Thanks (0)
RLI
By lionofludesch
20th Sep 2019 17:54

Strictly, the VAT point is the date of the transaction.

Never seen an officer take the point, though.

Thanks (0)
avatar
By Wanderer
23rd Sep 2019 04:35

kevin.robins wrote:

- but what should be the date of that transfer?

Date of the ACTUAL receipt into the bank account. Leave the "credit card bank" as a debtor.
Thanks (0)
Share this content