WHAT IS DEBIT AND CREDIT IN BANK POINT OF VIEW?

In Banks point of view debit means u have deposited money in the bank . and credit means u
have withdraw money from the banks.
in other word we can say that if debit bank balances shows in bank statement this means it is the
unfavorable condition for the company and credit balance means it is the favorable condition for
the company.

ALL DEPOSITS ARE LIABILITY TO THE BANK AND ALL PAYABLE ARE
EXPENDITURE TO BANK. IT MEANS OUR DEPOSITS (SUCH AS SB A/C. C.A. A/C.,
RECURRING DEPOSITS ETC., ARE PAYABLE TO DEPOSITORS WHICH LIABLE TO
THE BANK (CREDIT) AND PAYMENTS SUCH AS INTEREST ARE REPAYING OF
BALANCES (WITHDRAWALS OF CUSTOMERS) ARE EXPENDITURE TO THE BANK
(DEBIT)

Normally from business poit of view

debit and credit means... is different for different accounts for ex,
for personal a/c.
debit the receiver
credit the giver.
for real a/c.
debit what comes in.
credot what goes out.
for nominal a/c,
debit expenses
credit income.

so bank also follow the same rule.. but most of accountant thought that bank does it reverse i.e..,
debit the giver
credit the receiver,
but its not currect as the bank maintai the same rule. why it looks like reverse because its
maintains customers account in their bank and has to repay on demond.
thats why it credited coustomer account on deposit,and debited coustomer`s account on
withdrawl..

What is the difference between Consiner and Consinee?

Consigner is the person who is the owner of the goods and who deliver the goods to the consignee.

Consignee is the person who receives the goods and he just possesses the goods and not the owner.
 What steps would you take before approving an invoice for payment?

Following steps should be taken..

>Validate the invoice once it is matched for checking any holds..

>If workflow is implemented , Initiate approval for the invoice. Once the invoice is approved/Approrval
not required(status in case WF is not implemented) you can go for payments.

>Create accounting after approval of invoice..

Finally for payments u need to format, build..

Before making payment

the following steps should be taken

1. invoice amt, date, qty, quy,
2. invoice duplication or not
3. rectification of any Errors
in invoice