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How to Open Cash Credit Account in Finacle


INTRODUCTION TO CASH CREDIT LOAN.


Cash credit is a short-term source of finance. Under cash credit, the bank offers its customer to take a loan up to a certain limit. Cash credit is also known as bank overdraft.

FEATURES OF CASH CREDIT:

  • This loan is given to meet the working capital requirements of a company.
  • It is given against a collateral security.

Now, Let us Understand.

HOW TO OPEN CASH CREDIT ACCOUNT IN FINACLE:

http://finaclecommands.com/
Go to Menu option and enter option OAAC. The following screen will appear:

http://finaclecommands.com/
  • Enter Customer ID & Press F11 for confirming Customer’s Name
  • Enter appropriate Scheme Code & GL Sub-head Code Press F4. Then the following screen will appear.
  • For every account opening of Cash Credit the General, Scheme, Limit Details and MIS Details are mandatory.
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  • The above 1st Screen of General Details will appear then enter the details like mode of operation, location code etc. Then Press F6 for next screen.

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  • The above 2nd Screen of General Details will appear then enter the details like statement frequency, interest credit a/c flag etc. The most important field in this screen is Interest Rate Code. Please choose the appropriate one. Press F6 for next screen.
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  • In the above 3rd screen important fields are as follows: -
  • Interest Calculation Freq Dr: Please select the applicable value.
  • Next Int. Calc. Date Dr: Please select the applicable value.
  • Then Press F6 and will come on 1st screen. Now Press F4 for accepting General Details.
  • In Option, field enter ‘S’ for entering Scheme Details and Press F4. Then the following screen will appear:
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  • In the above screen of Scheme, Details fill the following fields as:
  • Dr. Balance Limit: Enter Sanctioned Amount
  • Max. Allowable Limit: It can be lower than limit or equal to limit
  • Credit File No.: Enter the number of Credit File of Customer
  • Debt Acknowledgement Date: Enter the date of loan documents/revival letter, whichever is later
  • All other mandatory fields need to be filled. Then Press F6 for next screen
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  • Keep Account Health Code as 001 for Regular. Press F4 accepting Scheme Code.
  • In Option, field enter ‘H’ for entering Limit Details and Press F4. Then the following screen will appear:
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  • In the above screen of Sanction, Details fill the following fields as:
  • Sanction / Expiry / Document / Review Date
  • Sanction Level / Authority / Ref. No. and Security Description. Then Press F4. Following Drawing Power Details screen will appear:
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  • In the above screen of Drawing Power Details fill the following fields as:
  • Drawing Power Indicator: Enter the applicable value.
  • A/C Recalled: ‘N’ and then Press F4 for accepting DP details.
  • In Option, field enter ‘V’ for entering MIS Details and Press F4. Then the following screen will appear:
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  • In above screen of MIS select appropriate codes. After completion of the same Press F4 for accepting MIS Details.
  • Again you will back in the option field. Press F10 for commit and note down the temporary account number for further verification.

NOW LET'S VERIFY THE CASH CREDIT ACCOUNT:

http://finaclecommands.com/

  • Function: V (Verify)
  • Input Generated A/c No. in Temporary A/c No. Field and Press F4 
    For visiting all screens of General Details Press F11 continuously.
  • After coming on 1st Screen Press F4 for accepting General Details
  • Enter option ‘S’ for verifying Scheme Details and press F4
  • Press F11 for visiting next screen of Scheme Details
  • Verify details and Press F4.
  • Enter option ‘H’ and press F4 for verifying Sanction and DP Details
  • First, Sanction Details will appear. Verify and accept with Pressing F4.
  • Then, DP Details will appear. Verify and accept with Pressing F4.
  • Enter option ‘V’ and press F4 for verifying MIS Details
  • After appearing MIS Details verify and Press F4 for accepting the same.
  • Enter option ‘E’ and press F4 for verifying Repayment Schedule Details
  • After appearing Repayment Schedule Details verify and Press F4 for accepting the same.
  • Press F10 to commit. The account number will be displayed.
  • The Cash Credit account stands verified.

Tip!

Cash Credit Account includes:
G, S, H, V and 5 Details only.
THANKS FOR READING☺️

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