Inward and Outward Clearance differences and Zone Opening Menu

 

1. What is Inward Clearing? 

Inward clearing is a cheque drawn by a drawer (DoP customer) from a drawee bank (DoP) in favor of a customer belonging to other bank which is the presenting bank. 

2. What is Outward Clearing? 

Outward clearing is when cheques drawn by other bank customers are presented for clearing by presenting bank (DoP) in favor of their customer (DoP customer) to drawee bank for clear funds.

3. How do I open a zone in finacle and make entries in the zone?

For Inward Clearing zone can be opened by using menu option HMICZ and respective entries can be made in the zone by using HICTM menu.

For Outward Clearing zone can be opened by using menu option HMCLZOH and respective entries can be made in the zone by using HOCTM menu.