Bank accounting, analysis and audit

Types of bank carts:

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  Debit cards - a bank card connected to your current bank account. This card can be used to make cashless payments for products and services, withdraw cash through an ATM, and make money transfers. Debit cards may include funds such as salary, pension, scholarship, social benefits, interest on deposit. To date, this type of card is very popular.
  
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  Credit cards - this loan is a bank card that allows you to make payment transactions at the expense of bank funds within the limits specified in the contract.
  
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  International cards - cards used in international payment systems. Payment systems such as Visa and MasterCard.
  
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  Corporate bank cards - a bank card that allows employees to make purchases in the interests of the organization and pay for documents. It is used to pay for the following types of expenses:
  
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  expenses related to the core operation of the company;
  
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  business trip expenses;
  
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  economic and indirect costs.
  
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  It is prohibited to credit salaries and similar payments, pensions, allowances, scholarships, and dividends payable to the holder to the corporate card.
  
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  It is prohibited to issue cash using cards.
  

Bank cards Law of the Republic of Uzbekistan "On Payments and Payment Systems" of September 19, 2019, "Central Bank of the Republic of Uzbekistan" of April 30, 2004 "Issuance and operations by commercial banks on the issuance of bank cards and the procedure for their circulation in the Republic of Uzbekistan on the basis of Regulation No. 1344 and other regulations.

The following accounts are opened in commercial banks to keep accounts of funds on the bank card:

22617 Liabilities for plastic cards of retirees
22618 Obligations on plastic cards of individuals
22619 Liabilities on plastic cards of individual entrepreneurs
22620 Liabilities on corporate plastic cards

When depositing funds to the corporate cards of the Bank, the cash account for settlements from the corporate plastic cards issued to the responsible employees of the Bank 19910 opened by the responsible bank employee shall be used:

Debit 19910
Credit 29896...999

Credit card merchant fees vary depending on what merchant account provider you choose. Generally, fees are a percentage of a credit card sale. But, fees might also be a flat rate per transaction or a combination of a percentage and flat rate. Average fees for MasterCard, Visa, Discover, and American Express tend to range from 1.43% – 3.5%.

When you pay or receive credit card processing fees, do not record them as part of your sales revenue. Instead, credit card accounting principles require that you list them as expenses. First, let’s go over the accounts involved in a journal entry for credit card purchases:

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  Cash
  
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  Credit Card Expense
  
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  Sales Revenue
  
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  Accounts Receivable (if applicable)