Journal entry for credit card payment

Sir, 

You credit card a/c will always be nil at the end. 

first form a credit card a/c in bank a/cand with that make entry for expenses in p&L.

after that settle the amount with bank or cash. Eg.

1.Priniting & Stationary Expenses A/C 1000

To Credit Card A/C  credit 1000

2. Credit Card A/C debit 1000

to bank / Cash A./c Credit 1000

i hope answer is clear 

Regards 

Yes, 

if any expenses is made their should be a bill of it unless it is done for any personal use. 

Regards

Income or expenses which arise in the current period as a result of errors or omissions in the preparation of the financial statements of one or more prior periods are called as Prior Period items.

Also, errors in the preparation of the financial statements of one or more prior periods may be discovered in the current period. Errors may occur as a result of mathematical mistakes, mistakes in applying accounting policies, misinterpretation of facts, or oversight. 

Thus, the expenses incurred in the prior period need to be accounted for in the usual manner in the current period and then disclosed separately in the profit and loss account as prior period item.

Accounting entries would be:

Dr Expenses account

Cr Credit Card account

and then while making payment to Credit card outstanding bill

Dr Credit Card account

Cr Bank/Cash account

Of course you need to have bills to record the transactions.

The above treatment is as per Accounting Standard AS5

yes it would be open under other current liabilities with control account creditors for expnses.

You can login into your credit card account and fetch the statement directly. In case of issues contact customer support.

Thanks, Sanjay,

For detailed information.

In the case of multiple line items, Is it necessary to collect the bills for each line item? Does management have the right to fix thresholds, so can follow up for the bills only expenses which cross the cap?