Retail
Debit Card Sale at POS
Recording a sale paid by debit card where the bank settles the same day.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash in Bank (Net Settlement) | Asset (+) | 55.65 | - |
| Bank / POS Processing Fee | Expense (+) | 2.35 | - |
| Sales Revenue | Revenue (+) | - | 50.00 |
| VAT Output Tax Payable (16%) | Liability (+) | - | 8.00 |
💡 Accountant's Note
Debit card transactions settle directly to the bank account, net of the POS terminal fee. The full sale price is revenue; the processing fee is a selling expense.
Professional Excel Template
Get the automated version of this entry. Includes built-in IFRS checks, VAT calculators, and SAP-ready upload formats.
QA
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.