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.

Author Bio

Qualification: CA in Practice
Location: New Delhi, IN
Member Since: 25 Mar 2017 | Total Posts: 5
Being a Practicing Chartered Accountant by his Academic and Professional qualification and also an Entrepreneur by his Experience, CA Vineet Singhal is providing his services in a vast range of Consulting, Management and Finance for businesses, Government Institutions and individuals. His Experience View Full Profile

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