Bank od regarding

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744 Points Posted on 14 September 2022
bank od interest nd bank processing charge can we claim in profit nd loss account
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On 14 September 2022 at 10:54 Report
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Quick Summary
This discussion clarifies that bank overdraft (OD) interest and processing charges can and should be claimed in your Profit and Loss account. These expenses should be posted to the interest ledger and bank charges ledger respectively. If charges are debited directly to the bank account, they are claimable. If adjusted against the sanctioned amount, a journal entry is required.

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tax consultant
3306 Points Posted on 14 September 2022
Yes surely.
in fact you must claim it to find your true profit
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On 14 September 2022 at 11:31
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4 Points Posted on 14 September 2022
Yes.You can taken OD interest to interest ledger and processing charges to bank charges ledger
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On 14 September 2022 at 22:36
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CFO- at NHTF
58280 Points Posted on 17 September 2022
Interest on Over draft can be claimed and processing charges if debited to bank account then it can be claimed.

Else Journal entry has to be passed if it is adjusted in sanctioned amount
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On 17 September 2022 at 20:02

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