Transaction initiated Vs Transaction Failed

These days, more and more business is going to online. So, there are new challenges for accountant. Accountant's responsibility to record the transaction accurately. Any time internal auditor can check his record. So, whether he or she has recorded it or not, he or she has the answer on this.

In this regard, two eCommerce terms are so important which any accountant should know. I will differentiate and explain its effect on accounting.

Transaction initiated 

It means, your business's customer has gone to your payment gateway. He is writing his bank card detail or other detail or using net banking in payment gateway. All the processing time will be transaction initiated. But it is neither your sale receipt or nor your purchase payment. If you are accountant of merchant and if you have access to payment gateway website. You should not pass the entry of receiving the payment from your debtor. Wait up to successful transfer to your bank account.

If you are the accountant of buy, you should wait to check whether your bank is transferring or it rejects your payment at the time of your transaction initiated. If transaction has successful, you have the right to pass the voucher entry of payment in your books.

Transaction Failed

Transaction dropped, transaction bounced and transaction failed are almost same which you can see in your payment gateway website. It means,

a) Customer has press back button
b) Customer has filled wrong bank detail
c) Customer has failed to write its OTP
d) Bank has blocked his card
e) His credit card is out of limit

Like this, there are lots of reasons of transaction failed. Accountant of both party will not do any record of this.

If your payment gateway will show successful transfer, then you have to right to record in your books. If you want to record more deeply, you can also record when money is with payment gateway company.

Reference of Book : Accounting Dictionary 






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Accounting Education: Transaction initiated Vs Transaction Failed
Transaction initiated Vs Transaction Failed
Accounting Education
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