Dr Cash
Cr Bank Over Draft
please help me, on how do i record bank overdraft on the book of account? An How do you record the Post Dated Check received?
It's an accounting expression that basically means a debt
Accounts Payable, bank overdraft, GST payable
Debit cash / bankCredit loan from bank
Debit cash / bankCredit loan from bank / bank overdraft
Debit cash / bankCredit bank overdraft
yes it is an asset overdraft
Would you classify a Bank Overdraft as Cash? If Yes, why?
Your income & your ability to repay the money provided as overdraft
Debit bank a/c Credit loan a/c
interest on bank overdraft.
For an overdraft, the journal entry would be to debit the bank account (increasing the overdraft liability) and credit the corresponding expense account or accounts that led to the overdraft. This reflects the additional amount drawn from the bank account beyond the available balance.