Current Account
"How often is a current account settled?"
Quick Answer
A commercial arrangement where two parties agree that their mutual receivables arising from continuous transactions will not be claimed individually but netted out periodically.
Scope and Legal Distinctions
A contractual current account nets agreed reciprocal claims at settlement intervals. An accounting customer ledger does not by itself establish a statutory current-account agreement.
What to Check in Practice
Check the written agreement, eligible entries, statement objections, interest and settlement dates before claiming the closing balance.
Sources & Authorities
Statutory framework and official guidance for this definition.
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