Banking Transaction Types (NEFT/RTGS/Cheque)

1. Overview of Electronic Banking & Transaction Types

Modern businesses rarely rely solely on physical paper cheques. TallyPrime features integrated Bank Allocation that supports all statutory electronic and counter transaction types: Cheque / DD, Electronic Cheque, Electronic DD/PO, Inter Bank Transfer, Same Bank Transfer, and Others (NEFT, RTGS, IMPS, UPI).

2. Transaction Types Breakdown

Transaction Type When to Use Required Instrument Info
Cheque / DD Physical paper cheque or demand draft issued/received 6-digit Cheque Number & Date
e-Fund Transfer (NEFT/RTGS/IMPS) Direct online account-to-account electronic transfer UTR / Transaction Ref No. & Beneficiary IFSC
Same Bank Transfer Transfer between two accounts in the same bank (Internal) Internal Reference Number
Others / UPI / QR Digital wallet, UPI transactions, or Card swipe UPI Ref ID / Authorization Code

3. Practical Scenario in Educational Mode

On 02-Apr-2024, our company pays office rent of ₹25,000 via NEFT (e-Fund Transfer) and receives ₹60,000 via UPI from a customer:

Date Voucher Particulars Type of Transaction Instrument No / Ref Amount
02-Apr-2024 Payment (F5) Dr Rent A/c / Cr ICICI Bank e-Fund Transfer NEFT-ICICI-994821 ₹25,000
02-Apr-2024 Receipt (F6) Dr ICICI Bank / Cr Sharma Traders Others (UPI) UPI-409218491 ₹60,000

4. Summary of Key Learnings

Allocating precise transaction types ensures that Bank Reconciliation (BRS) automatically matches UTR numbers with bank statements, eliminating manual reconciliation headaches.