We are getting money from Outside of India throw Paypal. Paypal transfer the amount to citi bank. Citi bank transfer to TMB. We are getting money from TMB. But we are getting Commission invoice from paypal every month. How I enter this paypal commission entry in accounting voucher and Under which head / Group we create paypal ledger. Please help me.
2 Replies
prasad Nilugal
(3914 Points)
Replied 14 August 2021
If you are paying the commission to PayPal , directly entry will be .
Commission A/c Dr
Input CGST A/c Dr
Input SGST A/c. Dr
To PayPal A/c. Cr
( Being comission for money transfer Payable to PayPal ).
When make a payment to PayPal
Paypal A/c Dr
To Bank A/c Cr
( Being comission paid )
paypal account under Trade Creditor , liability , Balance sheet .
Commission A/c under Indirect Expense , P&L account.
Input CGST , SGST under Duties and Taxes , liability , Balance sheet .
Commission A/c Dr
Input CGST A/c Dr
Input SGST A/c. Dr
To PayPal A/c. Cr
( Being comission for money transfer Payable to PayPal ).
When make a payment to PayPal
Paypal A/c Dr
To Bank A/c Cr
( Being comission paid )
paypal account under Trade Creditor , liability , Balance sheet .
Commission A/c under Indirect Expense , P&L account.
Input CGST , SGST under Duties and Taxes , liability , Balance sheet .
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