in a trial balance for end of year, do I show the credit card opening balance or the amount spent on the credit card for the year?

Hi Richard

Its the balance that needs to be input as the trial balance is as the name suggests a balance as a particular date.

Hi Richard, the trial balance at a specified date needs to report whatever credit card balance is on that date.

for example, lets say you are reporting for the 2016-17 financial year, and there is $500 owing on the credit card on 1/7/16.

then after all the trading income and expenses for the year are taken up, the credit card has $875 owing on 30 June 2017,

the trial balance will show a credit balance of $875 as at 30 June 2017

the trial balance will show a credit balance of $500 as at 1 July 2016.

but it will never show how much you spent on the credit card: it just reports the amount owing on a particular date.

hope this helps
bc