Tally entry of credit card

how to show credit card transaction in proprietor balance sheet
and entries in tally how to show
Replies (6)
Quick Summary
Record credit card transactions by debiting expense or vendor and crediting credit card account. On payment, debit credit card and credit bank. Show credit card as current liability in balance sheet.

The credit card seems to be a secured loan from the bank.

1) When you pay amount from Credit Card

Expenses / Vendor A/c Dr...

      To Credit Card A/c

 

2) When you received amount or paid by bank to Credit Card

Credit Card A/c Sr...

      To Bank A/c

Credit card A/c under Unsecured Loans , Current Liability effect in Balance Sheet .
In Case of Payment from Credit Card:-

Expense Account Debit
Credit card Credited

In Case the Payment is made by Bank to CC:-
Credit Card Account Debit
Bank Account Credit

when you Draft a Balance Sheet Show Card Card as a Current Liability as it have to be paid within 45/50 Days, Show under Liabilities Side (Headings Loans)

When a Purchase is Made
Expenses a/c 
To Credit Card a/c 

When the Payment is Received from the Credit Card Company
Credit Card a/c 
To bank a/c 

It's proprietor credit card, it's not applicable to the business entity concept. If it's a credit card to do business

Create a ledger credit card with bank name and last 4 digits.

The ledger must be created under bank accounts but not under occ or od as no collateral is required and the credit card limit can be put as the opening balance. It's a current asset

Then

Dr. Revenue or capital expenses

Cr. Credit card 

When you repay it

Dr. Credit card 

Cr. Bank

 

 

My assumption could be wrong but it's harmless way to do it

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details
Company
19 September 2026
CA/Semi-CA/BCom

Pravin Sarvaiya

Mumbai

CA Inter

View Details
Company
08 October 2026
Account Executive

Elite Taxation

New Delhi

CA Foundation

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details