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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- ITR 4 and Bank transactions
- FCRA 6 E- Intimation
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
