What is the difference between posting date and transaction date?

Question

What is the difference between posting date and transaction date? I'm beginning to do an excel sheet for items bought for my business, and I will have invoices to match with each item on the list, but not sure what date to put down, the transaction date or posting date from credit card statement.

Answer 1

the transaction date is when you purchased something.. thats what you write down. the posting date is when the money was actually taken from the bank, its just information for your refrence.

Answer 2

The Posting date is the date the funds were actually removed from your account/charged and shown on your credit card. The transaction date is the date you made the purchase. In some cases these dates can be the same, dependent upon how the company you purchased from is set up to receive payments.

On your Ledger (Excel doc) the date of purchase is normally the date that shows up on the invoice. That is the date you incurred the expense...you can if you wish have an additional column that can be annotated to reflect the date the transaction became posted to your bank account/credit card if you wish...however it isn't absolutely necessary.

Some businesses work with PO's (Purchase Orders) which the company purchasing uses as the date of Order and then when the invoice comes in they match up and have a separate column for date invoice was received. It all depends on just how detailed you want your record keeping to be. The more detailed the better you are able to trace each transaction.

Hope this assists

Answer 3

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What is the difference between posting date and transaction date?
What is the difference between posting date and transaction date? I'm beginning to do an excel sheet for items bought for my business, and I will have invoices to match with each item on the list, but not sure what date to put down, the transaction date or posting date from credit card...

Answer 4

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The transaction date is the day you made the transaction. The post date is when the amount you owe them is posted to your account. So that balance is taken out of your account on that date. I am pretty sure you do not owe anything or the transaction would not have processed, If you did not go over the total balance on the card you would not owe anything. Even if you did owe, you would have had to enter another payment method along with the gift card at the time of purchase.

Answer 5

transaction date is the date the transaction taking place (i.e the invoice date) whereas the posting date is the date the information recorded in the account. You should put the transaction date as this date will create the obligation to pay.

Answer 6

Always the transaction date,the date on the invoice

Posting date can be from credit cards,bank statements,terms of trade(30 days/monthly account etc)ledger entries but your liability is from the transaction date
Posting dates can vary,transaction dates do not

Answer 7

If I am a vendor to your business and you purchase stock or supplies from me with your business credit card on say the 1st of the month and let's say it's the Visa system -- then you and I made a "transaction" on the 1st.
Afterwards, my company must take some amount of time in preparing and billing Visa for Visa transactions. Once they have received our billing [in this case with YOUR transaction(s)] they [Visa] must verify. So far, they have listed your transaction(s) as "pending", but once verified -- those transactions "post" to your account and are assigned that date as a
"posting date" [usually only a few days to a couple of weeks depending on
how long the seller takes to bill Visa and how long it takes Visa to post].
Once posted and given a date, you are now responsible to PAY within the billing cycle of the Posting date! Hope the above helps.

Answer 8

It's frightening reading the answers above!!

The Posting Date is the date you "Post" the document to the accounts, i.e. record it in your accounting ledgers.

The Transaction Date is the "Tax Point Date" shown on the invoice.

Answer 9

Well, the posting date is when the item clears the bank, so if you need to verify funds, that would be most accurate-

But if your chart is to show when supplies are ordered/ needed- then the transaction date would work best in this sistuation.

Answer 10

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