i want to know (irfan)

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irfan (Querist)
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26 November 2010 what is return inward
is it expenses of company
in tally in which accountinghead it will come

what is return outward
is it expenses of company
in tally in which accountinghead it will come

what is bank overdraft

plz explain in detail

CA Durga Prasad Sigatapu

CA Durga Prasad Sigatapu (Expert)
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26 November 2010 Return inward is nothing but sales returns. it is not an expense but revenue reversal. In tally for sales returns you need raise a credit note on client.

Return outward is nothing but purchase returns. it is an expense reversal. In tally for purchase returns you need raise a debit note.

Bank overdraft is Money owed to the bank in a cheque account where payments exceed receipts