Last Updated on: 5th July 2024, 01:46 pm

Accounts Receivables & Payables in Tally Prime

Most of the business is done through Credit sale. The buyer pays on a future specified date (called Bill Due Date) after the sale. So, the Seller has to keep track on Receivable Dues and Buyer has to manage Payables (known as Debtors & Creditors Management). Accounts Receivables & Payables module deals with detailed records of Trade Transactions with Suppliers & Customers and Open Accounts (Outstanding Dues) for Party Analysis & Performance, tracking & control of Receivables & Payables in time.

Bill Reference Activation for Company in Tally Prime

To activate the Bill Reference Features (A/R A/P) and maintain Billwise Details of Outstanding of Parties, at K:Company Menu Bar (F-1A), select Features (or press F11 button) to get Company Features (F-2A) screen.

F-1A: Company Features set up

Under the section Accounting, at Enable Bill wise Entry, set Yes (F-2A), to Activate Bill Ref Features, for Traders Accounts (Sundry Debtors & Creditors).

F-2A: Company Features set up for AR/AP

Bill Reference Activation for Ledger Accounts in Tally Prime

Ledger Creation / Alteration of Customers (under Sundry Debtors) and Suppliers (under Sundry Creditors) have already been explained. To maintain Receivables & Payables system, Bill Details features should be set for Ledger Accounts under the Groups Sundry Debtors, Sundry Creditors, Loans & Advance and Branch Accounts.

F-3A: Party Ledger Entry configuration

Having activated the Bill wise Features for the Company as explained above, at Ledger Account Creation / Alteration (GoT>Create> Ledger or GoT>Alter Ledger), set as follows (F-3A/F-4A):

• Click F12:Configuration and set the options (F-3A). Enter relevant details (like Mailing Details etc – F-4A)
• At Maintain Balances Bill By Bill, set Yes (F-3A / F-4A)to activate Bill Reference Feature for the Ledger Account.You may further set up the Default Credit period (F-4A).

F-4A: Party Ledger Entry / Alteration

Opening Outstanding Bill Details Entry for Ledger Accounts in Tally Prime

After entry of Opening Balance for the Ledger Accounts (for which Maintain balances Bill by Bill is set to Yes– F-3A/F-4A), enter outstanding Bill details for Opening Balance entered in Ledger Account Master, at Bill wise break up screen (F-4B), enter following details:

Date	Enter Date of Bill (Prior to Books Beginning From date).
Name	Enter Bill Reference (normally Bill No.) or Advance (as the case be)
Due Date / Credit Days	Enter the Due Date of the Bill or Credit Days – Bill Due Date would be arrived at by adding the Credit Days from Date of Bill.
Amount	Enter the Opening Outstanding Bill Amount (not original bill amount, if part paid).
Dr / Cr	Enter the sign, D (for Debit Balance) or C (for Credit Balance).

The Opening Balance may contain multiple references of several voucher types (like Bills, Debit Notes, Credit Note, etc). and may comprise of Bill References of Open Bills, Advance, On Account also. Each reference would be entered in separate row (F-4B).

F-4B: Party ledger Opening Outstanding

Bill Details entry in Vouchers in Tally Prime

During entry of Sales / Purchase Voucher, Debit / Credit Note voucher (F-5A) entry, on entry of Party Ledger Account for which you have set up Bill Reference option, enter Bill Details for transaction (F-5B):

• Bill Ref Type : Select the Bill Ref Type from the List (F-5C), as described next
• Bill Reference Number : Enter / Select the Reference Number, as described next
• Credit Period / Due Date : Enter Credit Period or Due Date for New Reference (when Credit Period is entered, the Due date is computed from the Voucher Date & Credit Period and shown)
• Bill Reference Amount : Enter the Amount for the respective Bill Reference Number. In case of Against Reference, the Balance amount of Reference is auto carried (which may be changed)

F-5A: Voucher Entry

The entry process of each of these elements are explained below in details.

F-5B: Bill details in Voucher entry

Bill Reference Type : At Bill Details screen (F-5B), Select the relevant Type of Bill Reference at Type of Ref (F-5B), from the list (F-5C):

• New Ref.: Select it when a new Ref is created (normally a Sales or Purchase Voucher). Consequently, At Name field, the Ref Number from the voucher would be auto carried, which you may change.
• Against Ref.: Select it when the transaction is for adjustment of an existing reference (like payment is received or made against any existing Ref).  All existing references are listed from which select the Ref to which the current entry relates.
• Advance: Select it when you make / get Advance Payment (which would be adjusted against a reference later on).
• On Account: Select it (this option does not appear in Sales / Purchase Voucher) when payment is received or made but not against specific Bill or Advance (or Bill reference is not known). On Account amounts are not reflected in Interest Statement, Outstanding  (Open Bills) Statements or Age Analysis Statement. 

F-5C: Type of Reference List

In this way, you may make multiple entries of Bill Reference. However, the total net amount of all references (F-5B) must be equal to the net amount of debit / credit in the respective ledger account of the party, as entered in main voucher entry screen (F-5A).

Bill Outstanding Reports Menu in Tally Prime

Having entered the Voucher (F-5A) with Bill details (F-5B), you may print Outstanding Reports (List of Open Bills for which some amount is still due).

Accessing Outstanding Reports : Outstanding Reports may be accessed from GoT Main Menu (F-6A) or from GoTo Menu (F-7A).

– GoT Main Menu : Select GoT>Display More Reports>Statement of Accounts>Outstandings to get Outstandings menu (F-6A). Now select the option to get the respective Outstanding Report :

• Receivables for Outstanding Bills Receivables (from Customers)
• Payables for Outstanding Bills Payables (to Suppliers).
• Ledger for Outstanding Bills for a selected Ledger Account
• Group for Outstanding Bills for a selected Account Group

– Go To Reports List :

• Select Bills Receivable / Bills Payable to get the respective report (F-7A)
• Select Receivables & Payables (F-7A)to get Receivables &  Payables Reports list (F-7B), from which select the desired Report as follows:
• Bills Receivables for Outstanding Bills Receivables (from Customers)
• Bills Payables for Outstanding Bills Payables (to Suppliers).
• Overdue Receivables for Overdue Bills Receivables (from Customers)
• Overdue Payable for Overdue Bills Receivables (from Customers)
• Select Ledger Reports (F-6A) and then select Ledger Outstandings

F-6A: Outstnading Reports from GoT Menu

F-7A: Outstnading Reports from GoTo List

F-7B: Outstanding Reports from GoTo> Receivables & Paybales List

Bill Outstanding Report Display in Tally Prime

The Outstanding Reports Receivables or Payables, as selected from the Menu / List, shows the Billwise details of Outstanding (F-8B / F-8C).

F-8A: Bills Receivable Configuration

Click F12:Configure and set the options(F-8A) as desired.

F-8B: Bills Receivable Statement (Billwise)

F-8C: Bills Receivable Statement (Ledgerwise Bills)

Age Analysis Report in Tally Prime

At Outstanding Report (Receivable or Payable), click F6:Ageing Method button (F-9A)

F-9A: Ageing Method Buttons

Set the Ageing Method (F-9B) and Analysis Slab (F-9C) to get display Age Analysis Report (F-CB), showing the Age slab wise details of outstanding Bills.

F-9B: Ageing Methods

F-9C: Age Analysis Slab set up

Bill Outstanding Reports Buttons : At the right side Button Bar, you get various buttons (F-9A) to navigate through various Bill Outstanding / Age Analysis Reports :

• F5:Bills Receivable / Bill Payable : Click F5 to toggle between Bills Receivable & Bills Payable Reports. Click Alt+F5 to toggle between Detailed and Condensed report.
• F6: Age Analysis : Click F6 to get Ageing methods screen to set up Method of Ageing and Age Analysis Slab
• F8:Bill wise / Ledger-wise Bills: Click F8 to toggle between Bill wise & Ledger-wise outstanding Bills Reports. Click Alt+F8 to toggle between Including Post Dated & Excluding Post Dated report.

F-9D: Age Analysis Display

At Age Analysis Report Display (F-9D), click Ctrl+P and Print Age Analysis Report

Bill Outstanding Reports Printing in Tally Prime

As explained earlier for Report Printing, at Outstanding Bill display screen, Click Ctrl+P. At Outstanding Report printing screen (F-10A), Configure Report Printing options (C:Configure), Preview the Report (I:Preview) and Print  the Report on Printer (P:Print).

F-10A: Outstanding Report Printing

Bill Outstanding Reminder Letter in Tally Prime

At Outstanding Report Printing (A-10A), click Configure to get Outstanding Report Printing Configuration (F-10B)

F-10B: Outstanding Report Type selection

At  Outstanding Report Printing Configuration (F-10B), select Reminder Letter

F-10C: Report Type selction at Outstanding Report Printing

At Report Details (F-10C), at Report Type  select Reminder Letter to print Reminder Letter (F-11A) / Bills Outstanding  to Print Party Outstanding Report.

F-11A : Party Outstanding Reminder Letter in Print

Accounts Receivables & Payables – Key Points

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