BANKING AFFAIRS

Detailed explanation-1: -The amount written in words is called ‘legal amount’ of the cheque and amount written in figures is called ‘courtesy amount’. Where there is a difference between words and figures expressed in a cheque, the amount in words is the amount payable as per Section 18 of N.I. Act 1881.

Detailed explanation-2: -On the line below “Pay to the order of, ” write out the dollar amount in words to match the numerical dollar amount you wrote in the box. For example, if you are paying $130.45, you will write “one hundred thirty and 45/100.”

Detailed explanation-3: -No it is not. The invoice in words should reflect the invoice value and not the balance due. This is how Manager does it now which is the correct practice. the balance due is only between a supplier and customer which does not have any legal effect.

Detailed explanation-4: -18. Where amount is stated differently in figures and words.-If the amount undertaken or ordered to be paid is stated differently in figures and in words, the amount stated in words shall be the amount undertaken or ordered to be paid.

Detailed explanation-5: -Check the number at the bottom of your cheque This number contains your account’s information. The transit number is 5 digits. The institution number is 3 digits. The account number is 7 digits.