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Accounting Entries for Money Transfer Business

07 March 2019

Dear Expert Team,
please Solve one query!!

Kindly suggest the accounting entries for Money Transfer Business inTally also purchase and sales voucher is to be used for Top up done and transfer through PayPal,Paytm etc application or portal????

please revert soon

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4 Replies

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 07 March 2019

You can maintain "PayPal & PayTM" accounts as Bank Account...

Money Transfer amount can be Credit A & Debit B. Commission amount will Your business incomes...

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Mohammed Siddique (24 Points)
Replied 08 March 2019

How to pass purchase &sale entry.
what is be included in turnover ??

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 08 March 2019

Purchase & Sales means what

Are you dealing only money transfer or any other trading business...?

Elaborate Your query with details

Mohammed Siddique (24 Points)
Replied 08 March 2019

My query is ,

how to maintain accounts in tally under which voucher & group??

1,00,000 paytm wallet
now we transfer as requested by customer to other account say;5,000 ,20,000 & so on .

Now how to enter this entry in Tally ????

Other trading also we hv but it done normally