Dear Friends, You know very well about the Tally software and today we are talking about Maintain bill wise detail for receivable and payable in Tally. At present time Tally is one only most popular accounting cum inventory software that handles the day to day all routine operations of any business unit very effectively. It is widely accepted by the different accounts for its user friendly nature. Without using maintain bill wise detail for any receivable and payable you will not able to view bill wise details of sundry debtors and sundry creditors.
Must Read: How to use (BOM) Bill of Materials in Tally
Tally provides different accounting and inventory features that allow any user to maintain his company accounts effectively. Today we talk about How to use Accounts Receivable and Accounts Payable Option in Tally. Accounts Receivables is the amount to be received from Sundry Debtors while’s Accounts Payable is the amount to be paid to Sundry Creditors.
Tally software provides complete bill wise information of amounts receivable as well as payable either Party wise or Group wise. This feature can track bills, payments/receipts including advances one-to-one.You have to take the following steps given below:
How to maintain bill wise detail for receivable and payable in Tally or Tally.ERP9 ?
Step 1. Press F11 (Company Features)- > F1 (Accounting Feature) -> Maintain Bill Wise
Details – YES.
Step 2. Now Create a Party (Ledger A/c) under the group ‘Sundry Debtors’ as well as one under group ‘Sundry Creditors’, and also activate ‘Maintain balances bill by bill’ for all the Parties while you are in Ledger creation mode.
Step 3. Make a Voucher Entry from ‘Gateway of Tally’ -> Select Sales or Purchase Voucher.
Now, while entering the transaction, the user can specify a Ref. no with due date for the amount or break it up by giving multiple ref no with different due dates. There are four types of reference given below:
Types of Reference
It is used when you make any purchases or sales entry.
It is used when you have to pay or receive amount against credit bill.
Use this option when you paid or received amount as an advance from or to party. In other words, It is used in case of advance receipt or payment entry.
It is used when you don’t have any idea of any bill wise detail.
Step 4. To view the reports follow the procedure given below:
Select ‘Display’ (in Gateway of Tally menu) -> Select ‘Statement of Accounts’ -> Select ‘Outstanding’ -> Select ‘Receivables’ (in case you want to see amount due to the company) -> Select any particular group. The report displays bill by bill outstanding for all parties along with the pending amount as well as the due date.
In case user wants to see the amount payable by the company then select the option ‘Payable’ under the menu ‘Outstanding’. The user, once he has selected either Payable or Receivables can toggle between the two reports by clicking F4 function key.
Step 5. For individual Party wise outstanding Report:
Select ‘Display’ (in Gateway of Tally menu) -> Select ‘Statement of Accounts’ -> ->Select ‘Ledger’ option under ‘Outstanding’. This report gives a bill-by-bill display of all outstanding for the concerned party along with the total outstanding amount.
For a display of total outstanding for all parties -> select ‘Group’ in the menu ‘Outstanding’ and then select any particular group or sub-group.
Step 6. Tally gives Age wise Analysis Reports and hence keeps the user informed for the range of period the bills have been outstanding. The user has the luxury of defining the Ageing periods as per his needs. e.g. 0 to 30 days, 30 to 45 days, 45 to 60 and so on. The procedure for displaying the report is given below. The aging analysis gives flexibility to do ageing by due date or bill date.
Select ‘Display’ (in Gateway of Tally menu) -> Select ‘Statement of Accounts’ -> -> Select ‘Outstanding’ under Display menu -> select ‘Receivables ‘ or ‘Payable’ press F5 (age wise) -> select method of ageing -> specify the periods.
I hope you like this Maintain bill wise detail for receivable and payable in Tally post. Give your important suggestions in comment box regarding this post. Thanks.