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Who is responsible to ensure a legal government credit card transaction occurs when making a purchase?
Wiki User
∙ 2012-12-04 18:10:49
using card holder.
Wiki User
∙ 2012-12-04 18:10:49
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Is credit card a cash transaction?
Purchase with a credit card is not considered a cash transaction, as the person making the purchase does not pay for the item until they pay their credit card bill, which may not occur until much later.
How do you know if a transaction is already approved for a government credit card?
The transaction list displays an Approved status for the transaction
Is the suppliers invoice the source document for a purchase on credit transaction?
yes
What is purchase on credit?
When the goods are purchased from supplier on a date and the amount of the bill is to be payed on some future date, then the transaction is Credit Purchase.
What are the credit card transaction instructions?
Credit card transaction instructions are the instructions to be followed in processing your purchase. The process starts by handling your credit card to the store cashier. After swiping your credit card, the processing will follow. Once the cashier receives the authorization code then she can process your purchase and a receipt will be given to you.
What is the essential difference in accepting credit cards in transacting business compared with accepting debit card?
When you purchase with credit cards, the transaction is on credit while when you purchase with debit card, the transaction is considered cash sale because the amount is directly deducted from your bank account.
How long does it take for a credit card transaction to appear on my account?
as soon as you make a purchase
What are the differences between a cash and credit transaction for purchase and sales?
With Credit card you have to pay the credit company back later, cash is paid and over with if used.
How long does it take a credit card transaction to process?
as soon as you make your purchase, it goes through immediately.
What are the major documents for credit transaction?
what are the major documents used in credit transaction
Will a credit always decrease a cash account?
A cash account will always be decreased by a credit, but a credit will not always decrease a cash account. The only time a credit decreases cash is when the company pays out cash, whether it's to purchase supplies, inventory, or pay wages etc. Here is two examples of a credit in a transaction, one will decrease cash, the other will not. Company X buys $1,000 in inventory from Company Y and pays CASH. The debit for this transaction will increase inventory, the credit will decrease cash since company X is paying cash for this transaction. Using the same transaction however, changing Company X wants to purchase this inventory on "credit" the debit in this transaction as above will still increase inventory, however, since Company X has chosen to purchase this inventory on credit and not use cash and accounts payable will be set up and the credit will "increase" accounts payable. Remember, Assets will "always" increase with a debit and decrease with a credit. Liabilities will "always" decrease with a debit and increase with a credit.
What does credit card receipts mean?
When you make a purchase using your credit card, the cashier will let you sign a piece of paper reflecting the transaction. A copy will be given to you, which is called the credit card receipt.
