CA Vineet Singhal
In CBS environment , most of the times , Management response is usually as “All charges calculation and charging is done by system , there’s no chance of under recovery “
One such instance is of “Penal Interest” in Cash Credit Account in case stock statement is not submitted on due date
However , Flagging up of the tick mark field against “Apply Penal Interest in “particulars” Menu of HCLM Module of Finaccle is primarily required to be on “YES” mode to get the penal interest be charged in case of default.
Whether Stock statement is updated in system or not can also be checked by Security Register Module ” (SRM) with Yes or No remarks at each due date of stock statement.
So remember SRM and HCLM for Cash Credit Accounts.
