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Cash credit loan

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(Querist)
22 June 2015 Sir,
I am working in small partnership firm and we have taken cash credit facility from bank of Rs. 1 crore. How to make entry in tally? please advice us?
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NILIMA ASHRIT

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NILIMA ASHRIT (Querist)
25 June 2015 Still i have not received any feedback
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
18 July 2024 To record the cash credit facility of Rs. 1 crore in Tally, you would typically follow these steps:

1. **Create Ledger Accounts**:
- **Bank Account**: If you don't already have a bank account ledger set up, create a new one under "Bank Accounts" (e.g., HDFC Bank).
- **Cash Credit Account**: Create a new ledger under "Loans (Liabilities)" for the cash credit facility (e.g., Cash Credit from HDFC Bank).

2. **Record the Cash Credit Facility**:
- Go to Gateway of Tally > Accounting Vouchers > F6: Receipt.
- Debit the Bank Account: Enter Rs. 1,00,00,000 in the debit field against your bank account ledger (e.g., HDFC Bank).
- Credit the Cash Credit Account: Enter Rs. 1,00,00,000 in the credit field against your cash credit facility ledger (e.g., Cash Credit from HDFC Bank).

3. **Save the Entry**: Press Enter to save the entry.

This entry records the receipt of funds from the cash credit facility into your bank account. It establishes the liability under the cash credit account, indicating the amount borrowed from the bank.

### Example Entry in Tally:

Assuming your bank account is HDFC Bank and cash credit account is "Cash Credit from HDFC Bank":

| Account | Debit | Credit |
|---------|-----------|-----------|
| HDFC Bank | 1,00,00,000 | |
| Cash Credit from HDFC Bank | | 1,00,00,000 |

### Additional Tips:

- Ensure you use the appropriate dates for the transaction.
- Regularly reconcile your bank account ledger with the bank statement to ensure accuracy.
- Consult with your accountant or financial advisor if you are unsure about the specific details or accounting treatment.

By accurately recording the cash credit facility in Tally, you maintain proper financial records and ensure compliance with accounting standards.
Profile Image

Aashok Kumar Sharma online

Profile Image

Aashok Kumar Sharma online (Expert)
18 July 2024 To record the cash credit facility of Rs. 1 crore in Tally, you would typically follow these steps:

1. **Create Ledger Accounts**:
- **Bank Account**: If you don't already have a bank account ledger set up, create a new one under "Bank Accounts" (e.g., HDFC Bank).
- **Cash Credit Account**: Create a new ledger under "Loans (Liabilities)" for the cash credit facility (e.g., Cash Credit from HDFC Bank).

2. **Record the Cash Credit Facility**:
- Go to Gateway of Tally > Accounting Vouchers > F6: Receipt.
- Debit the Bank Account: Enter Rs. 1,00,00,000 in the debit field against your bank account ledger (e.g., HDFC Bank).
- Credit the Cash Credit Account: Enter Rs. 1,00,00,000 in the credit field against your cash credit facility ledger (e.g., Cash Credit from HDFC Bank).

3. **Save the Entry**: Press Enter to save the entry.

This entry records the receipt of funds from the cash credit facility into your bank account. It establishes the liability under the cash credit account, indicating the amount borrowed from the bank.

### Example Entry in Tally:

Assuming your bank account is HDFC Bank and cash credit account is "Cash Credit from HDFC Bank":

| Account | Debit | Credit |
|---------|-----------|-----------|
| HDFC Bank | 1,00,00,000 | |
| Cash Credit from HDFC Bank | | 1,00,00,000 |

### Additional Tips:

- Ensure you use the appropriate dates for the transaction.
- Regularly reconcile your bank account ledger with the bank statement to ensure accuracy.
- Consult with your accountant or financial advisor if you are unsure about the specific details or accounting treatment.

By accurately recording the cash credit facility in Tally, you maintain proper financial records and ensure compliance with accounting standards.
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