Accounting entry

1st Date suggest date of transaction recorded, while 2nd value date may be in case of C.C or term loan stmnts in which

C.C limit to be find out regularly.  

Transaction date is the date on which the transaction takes place and value date is the date on which the transaction gets settled.

For Eg. if you pay a cheque to someone on 17.12.2013 then in the bank statement it will show 17.12.2013 as the transaction date and if the money gets transferred from your account on 20.12.2013 then 20.12.2013 would be the value date mentioned in the bank statement.

1. Date = Transaction date or Instrument date

2. Value Date = Date on which the cheque or the transaction is cleared/completed

Value Date means : Date on which an account holder can use the funds from deposited cheque that have passed through the bank's clearing cycle. or date on which a deposit starts to earn interest.

Date shows, Date of the trasactions posted

Transaction date is the date on which the transaction is entered by the bank in its system. It does not have any bearing with respect to calculation of interest etc.Value date on the other hand is a date which represent actual date to be considered for all purposes including calculation of interest. E.g. Outstation cheques are credited on the date of receipt of cheque by the bank where it is deposited (Transaction date) but actual credit will be available only when proceeds of the cheque is received by the bank (Value date).

then which date we'll take for accounting in cash basis