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"
For Tally Integration using RTSlink DLL, visit http://www.rtslink.com and sample programs visit http://rtslink.blogspot.com|||Merchant Capital Funding LLC
Luis Orlando
Senior Funding Specialist
Tel: 866-221-2050
Direct: 646-747-6719
Fax: 800-531-9768
E-mail: lorlando@onlinemcf.com
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