What is the difference between Open Charges and Bank Wise Open Charges?
Open Charges / Borrowings: Open charges or borrowings is the list of open charges are the list of individual open charges or the borrowing that the company has taken from the respective financial institution or charge holder.
- Bank Wise Open Charges: Bank wise open charges are the sum of open charges or borrowing by the bank or financial institution.
If there are 3 open charges that a company has with the same bank, under open charges you will see 3 individual entries whereas under the bank wise open charges 1 entry and the total of charge amounts of individual charges will be summed up and mentioned against that respective bank.
Please refer to the following example for clear understanding. Hope it's clear now, please feel free to connect with me for any clarification in this regard. Thank you.
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