Retail
Contactless / Apple Pay / Samsung Pay Sale
Recording a tap-to-pay transaction at a contactless-enabled POS terminal.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash in Bank (Net Settlement) | Asset (+) | 55.42 | - |
| Payment Processing Fee | Expense (+) | 2.58 | - |
| Sales Revenue | Revenue (+) | - | 50.00 |
| VAT Output Tax Payable (16%) | Liability (+) | - | 8.00 |
💡 Accountant's Note
Contactless payments are processed the same way as card payments. The fee percentage may differ slightly from chip-and-PIN depending on the acquiring bank agreement.
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Expert Analysis by Qusai Ahmad
General Accountant Supervisor & IFRS Specialist
Specialized in SAP GUI automation and Middle Eastern tax compliance. Building digital tools for the next generation of finance leaders.