Credit Card payment accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 May 2010
What can be the entry for credit card payment and how can it be adjusted in Bank reconcilliation statement.
24 May 2010
ENTRY WILL BE:
BOOKING OF EXP.
EXPENSES A/C DR. XXX
TO CREDIT CARD A/C XXX
PAYMENT OF CR. CARD
CREDIT CARD A/CDR. XXX
TO BANK A/C XXX
AND IT WILL BE RECONCILED NORMALLY.
CREDIT CARD A/C SHOULD BE UNDER 'CURRENT LIAB.'
BOOKING OF EXP.
EXPENSES A/C DR. XXX
TO CREDIT CARD A/C XXX
PAYMENT OF CR. CARD
CREDIT CARD A/CDR. XXX
TO BANK A/C XXX
AND IT WILL BE RECONCILED NORMALLY.
CREDIT CARD A/C SHOULD BE UNDER 'CURRENT LIAB.'
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