[GNC] Handling VISA Debit Accounts

DaveC49 davidcousens at bigpond.com
Mon May 7 03:53:47 EDT 2018


>From an accounting perspective, this is just a current asset account like any
other bank account. There is not really any need for any new sort of account
type specifically for it. Perhaps just indicating in the account name that a
debit card is attached, if you specifically need to know that. The VISA
debit card is simply a more convenient method for making a withdrawal
against the balance of the account, as it does not confer any credit and
thus raise a liability. There is not really any difference to an EFT funds
transfer particularly where interbank clearances are now almost occurring in
real time.

With my wife's debit card,  the bank records the debits against the account
as they are made (except perhaps the time taken for digital transmission of
the information to them from the vendor) when the card is used but the
transaction appears to be recorded at the time the vendor records the
transaction not necessarily when the bank receives it.



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David Cousens
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