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An internet merchant account allows for transactions on online retailer websites. They are processed in real time, similar to punching in transactions to a terminal in a store or over the phone.

A merchant summary is a sheet, similar to a credit card voucher, provided by the bank.

Banks will be required to group together various types of non-cash transactions such as:

visa card transactions

Bankcard transactions

MasterCard transactions

Cheques

Gift vouchers

EFTPOS transactions

Once the above types of transactions have been grouped together, you can then calculate the amounts for each type of transactions.

Finally, you can add all of these individual amounts together to give you an overall amount for non-cash transactions. This amount will be entered onto a merchant summary sheet.

A general lien is available as a security for all debts arising out of similar transactions between the parties.

When the size of business and number of transactions are large, recording of transactions in one journal will be inconvenient. It will also cause delay in collection and presentation of accounting information. Many of the transactions are repetitive in nature. If separate journals are maintained for recording transactions of a similar character, journalizing and posting will be easier and more convenient. For example, all cash transactions can be recorded in one ledger; all credit sales in another journal and so on.