Credit card opening balance

This query is : Resolved

saurav (Querist)
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07 February 2017 sir my credit card statement is opening balance - payment cr + purchase charges = total due , opening bal 3174 payment cr 2770 purchase 5522.46 charge 280 total due 6018 please help me in creation credit card ledger

can i take opening balance in tally for creating credit card ledger

Sandeep Dharar

Sandeep Dharar (Expert)
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07 February 2017 First of all as per the numbers provided by u, ur closing balance is not matching. Now for the solution of ur query. U must create a ledger under Current Liabilities in the name of ....Bank Credit Cardxxxx. U must feed the opening balance and then do the expense entries accordingly. Please remember not to take CENVAT credit of ST as charged in the service Tax.

The expense(purchase) entry should b like:

Expense/Purchase Dr
To ,,,,Bank Cr. CArd xxxxx

And at the time of payment of credit card:

..... Bank Cr.Card Dr.
To Bank

saurav

saurav (Querist)
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07 February 2017 when i feed the opening balance in credit card ledger there is opening difference balance in trail balance and balance sheet

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Sandeep Dharar

Sandeep Dharar (Expert)
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07 February 2017 Y to update the opening balance if there is already a ledger created for that Credit Card?? U need to match the opening balance with previous month statement.