Credit Card Payments

If the amount is more than $50 and the GST is not quoted, a tax invoice must be accompanied.

A transaction printout from the eftpos imprinter is not sufficient, unless it includes these details. File these receipts, as well as the credit card statements, in the Credit Card Payments file.

The receipts should be marked off (reconciled) against the Credit Card statements when received. You should also mark on the Credit Card statement whether any entries are for private purposes and what percentage if part private. You can only claim the input tax credit for the part of the expense used for your business.

In some cases, the Credit Card provider will indicate the amount of GST in each sale (eg American Express). If not evident, take the amount of GST which can be claimed as an input tax credit and record this on the Statement. Add up all these amounts and write it on the front of the Statement. When recording the payment of the Credit Card account in the Cash Payments journal (see here for a sample Cash Payments journal), record the amount of GST paid as well.

You can then file the Credit Card Statement, together with the accompanying documentation in a shelf file, marked Credit Card: Paid, from .... to .....

To comply with the GST, and because it is good business practice, every credit card transaction should be accompanied by a detailed record of the transaction. This may be a credit card slip, or a receipt from a mail or telephone order transaction. The receipt must show what was purchased, and the amount of GST included (or shown separately).

Any receipts, which have to be carried forward to the next statement, should stay in this suspension file until they can be marked off against the Statement.

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.	.	text	.	.	If the amount is more than $50 and the GST is not quoted, a tax invoice must be accompanied. A transaction printout from the eftpos imprinter is not sufficient, unless it includes these details. File these receipts, as well as the credit card statements, in the Credit Card Payments file. The receipts should be marked off (reconciled) against the Credit Card statements when received. You should also mark on the Credit Card statement whether any entries are for private purposes and what percentage if part private. You can only claim the input tax credit for the part of the expense used for your business. In some cases, the Credit Card provider will indicate the amount of GST in each sale (eg American Express). If not evident, take the amount of GST which can be claimed as an input tax credit and record this on the Statement. Add up all these amounts and write it on the front of the Statement. When recording the payment of the Credit Card account in the Cash Payments journal (see here for a sample Cash Payments journal), record the amount of GST paid as well. You can then file the Credit Card Statement, together with the accompanying documentation in a shelf file, marked Credit Card: Paid, from .... to ..... To comply with the GST, and because it is good business practice, every credit card transaction should be accompanied by a detailed record of the transaction. This may be a credit card slip, or a receipt from a mail or telephone order transaction. The receipt must show what was purchased, and the amount of GST included (or shown separately). Any receipts, which have to be carried forward to the next statement, should stay in this suspension file until they can be marked off against the Statement.	.	.
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.	.	.	.	.	.Updated: Sun, 29 Apr 2001	.	.