Bank transactions in tally
This query is : Resolved
16 November 2011
please explain
bank od
bank occ
and other bank transactions in tally with clear example
bank od
bank occ
and other bank transactions in tally with clear example
16 November 2011
OD in banking typically stands for overdraft or overdrawn, it is simply a current account with the facility of overdraft that current account holders running a small business are entitled to in any bank. With this facility, the account holder can issue a Cheque up to the limit prescribed by bank even if he does not have money in his account and he is charged interest only on the overdrawn amount on which applicable interest rates are levied. For Example, If u have balance in your bank account is Rs 500,000 and bank give you permission of OD. Then if you issue cheque of Rs 800,000 then your cheque will not going to bounce because bank permits you OD. Its like sort term loan from bank where you have to pay interest on the overdrawn amount.
Open cash credit (OCC) Account is a kind of bank account which basically serves to small & medium enterprises (SME). An OCC account holder can have cash credit facility against his stocks & receivables. Different banks and financial institutions have different criterion to assess the limit of an OCC account. In a majority of cases, the OCC limit is calculated depending upon turnover of the SME.
REGARDING ENTRIES:
https://www.tallysolutions.com/website/CHM/TallyERP9/02_CREATING_MASTERS_IN_TALLY/01_Accounts_Information/Ledgers_Groups/Groups.htm
Open cash credit (OCC) Account is a kind of bank account which basically serves to small & medium enterprises (SME). An OCC account holder can have cash credit facility against his stocks & receivables. Different banks and financial institutions have different criterion to assess the limit of an OCC account. In a majority of cases, the OCC limit is calculated depending upon turnover of the SME.
REGARDING ENTRIES:
https://www.tallysolutions.com/website/CHM/TallyERP9/02_CREATING_MASTERS_IN_TALLY/01_Accounts_Information/Ledgers_Groups/Groups.htm
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