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Credit card transactions

This query is : Resolved 
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(Querist)
09 May 2017 Sir,
I record transactions of March month Statement through Credit card have February expenses. How will I record March month expenses in April Month Statement.
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Sandeep Dharar

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Sandeep Dharar (Expert)
09 May 2017 Book the expenses as payable in the month of march, and then at the time of payment (April) debit payable account and credit bank. For Example:-

For March:
Expenses A/c Dr
To Expense Payable A/c

For April:
Expense Payable Dr
To Bank

P.S. U must use reference number for each transaction so that u can easily track them, at the time of payment.
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janani

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janani (Querist)
09 May 2017 Sir, in last FY I didn't make payable entry for that also filed ITR. How can I close? What is the correct impact in current year
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Sandeep Dharar

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Sandeep Dharar (Expert)
09 May 2017 No issue with that. Do correct it from now.
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