Bank Accounts in Tally Prime

Bank Account Management with Tally PRIME

Every business organisation keeps at least one bank account for its business transactions. Tally Prime provides certain operation & features specially related to Bank Accounts operations, like Cheque printing, Deposit Slip Printing, Bank Reconciliation etc.

For Banking operations, first set up respective options at Company Bank Ledger Accounts and Party Ledger Accounts to enter relevant details.

Bank Ledger Account set up in Tally PRIME

At the Bank Ledger Creation / Alteration (GoT>Create>Ledger or GoT>Ledger>Ledger) screen (F-1B), click F12:Configure to get Ledger Configuration screen (F-1A)

At Ledger Configuration screen (F-1A), set the following options (F-1A):

  • Bank Ledger Details : At Left part, at Provide Bank Account Details, set Yes.
  • Bank Details : At Right Part, under Bank Details section, at Provide Bank Account Details for Bank Ledgers, set Yes to enable entry of Bank Accounts Details in Bank Ledger Account. Further, you may also set Yes at Set Bank Reconcilation to enable Bank Reconciliation also, else set No.
  • Cheque Details: At Provide Cheque Book and Cheque Printing Details, set Yes to enable Cheque Printing.

F-1A: Bank Ledger Account Configuration

At Bank Ledger Account creation / Alteration screen, set the following options under Bank Configuration section  (F-1B).

F-1B: Bank Ledger Account details for Banking Features

F-1C: Cheque Book details

Party Bank Account set up in Tally PRIME

Debtors & Creditors Ledger Account Creation / Alteration (GoT>Create>Ledger or GoT>Ledger>Ledger) screen (F-2A) have been explained earlier.

F-2A: Party Ledger Account Banking option set up

At the Customer (under Sundry Debtor Group) / Supplier (under Sundry Creditor Group) Ledger Accounts (F-2A), set Yes at the option Provide Bank Details, to enable entry of Bank Account details. At Party Ledger Banking details (F-2B), select the Payment Mode from the list.

F-2B: Party Bank details set up

Banking Details in Voucher entry in Tally PRIME

We have already explained entry of Contra Voucher, Payment Voucher & Receipt Voucher. Here we explain additional details entry in respect Bank ledger transaction in such vouchers.

F-3A: Banking option set up in Voucher entry Configuration

At Voucher entry screen GoT>Vouchers (F-3B), click F12:Configure and set the Bank details option under Bank details section (F-3A).

F-3B: Voucher entry for Bank transaction

F-3C: Bank details in Voucher

At Voucher entry, after entry of Amount for Bank Ledger (F-3B), enter the Cheque details at Bank Allocation screen (F-3C)

Banking Menu in Tally PRIME

After Banking Option set up in Bank Ledgers (F-1A to F-1C) and Party Ledgers (F-2A / F-2B), to access Banking related task, select GoT>Banking (F-4A) / Go To > Banking Utilities (F-4B).

F-4A: Banking Menu from GoT

F-4B: Banking Utiliies from Go To list

Cheque Printing in Tally PRIME

Select GoT>Banking> Cheque Printing (F-4A) / GoT>Banking Utilities> Cheque Printing (F-4B).  Select the Bank, Click F2, enter Period. At Cheque Printing screen(F-5B), click F12:Configure to get Cheque Printing Configuration (F-5A) and set the Cheque  Printing Configuration (F-5A) oprions.

F-5A: Cheque Printing Configuration

F-5B: Cheque Printing Report.

 The list of Cheques issued as per Voucher Entry would appear. Select the Cheque record and enter the Cheque details.

GoT>Banking> Cheque Printing (F-4A) / GoT>Banking Utilities> Cheque Printing (F-4B)

Cheque Details Entry in Voucher in Tally PRIME

During Voucher entry, the Cheque Details (cheque Number etc) are entered as explained. If Cheque details not entered during Voucher entry, the Cheuqe Numbers may be entered later on (before or after Cheque Printing).

At Cheque Printing (GoT>Banking> Cheque Printing) Report (F-5B), select the voucher from the list, select Cheque Book from the list and enter the Cheque Number (F-6A).

F-6A: Cheue details entry in Voucher

Cheque  & Payment Advice Printing in Tally PRIME

Sometimes, you need to send Cheque / Payment advice (called covering letter) giving the details of cheque and deliver / handover the Cheque with Covering Letter. The Payment advice may be printed alongwith cheque printing, in the same step, or advice may be printed through separate step.

Now a days, mostly payments are made through electric transfer. In such case, though no cheque is printed, the Payment advice should be printed and send to Payee to inform about the details of payments made.

F-7A: Payment Voucher / Payment Advice Printing

F-7B: Cheque Printing

  • : After Cheque Details entry in a voucher (F-6A), Click P:Print to Configure / Preview / Print the Voucher (F-7A), as explained in Reports Printing.
  • : After Voucher Printing, at Payment Voucher printing (F-7A), click C:Configure and set Yes at Print Payment Advice, and then Click P: Print (F-7A) to print the Payment Advice (F-9A)

F-8A: Cheque in Print

F-9A: Payment Advice in Print

Deposit Slip Printing in Tally PRIME

Normally, the Deposit slip is entered manually in the Bank’s own form of Deposit Slip Form, at the time of Cash / Cheque Deposit into Bank. Before printing Deposit slip from Tally, consult with the Bank, whether they would Accept Deposit Slip in other forms (other than Bank’s own Deposit Slip form).

To print Deposit Slip from Tally itself in Tally’s own deposit slip Form, during Voucher Entry / Alteration of Cash Deposit Voucher entry (normally Contra Voucher), enter the Cash Denominations, for receipt of instruments (normally Receipt Vouchers), enter the details of instruments (e.g Cheques etc), as explained in Voucher Entry

F-11A: Cash Deposit Slip Entry

During Voucher Printing, set the options for Cash Deposit Slip Printing Deposit Slip

F-10A: Deposit Slip Printing

At Banking menu, select Deposit Slip and then select the Bank for which you like to print the deposit slip to get Deposit Slip screen. Click Ctrl+P to get Deposit Slip Printing screen.

Cash Deposit Slip List

Cash Deposit Slip Printing

For Cash Deposit slip Printing, select the respective Voucher. Click P:Print button to get Cash Deposit slip printing options. At  Cash Deposit Printing screen.

Cash Deposit Slip Printing Configuration

Cash Deposit Slip Printing

Cash Deposit Slip in Print

At Deposit Slip screen, on selection of Bank, Cheque Deposit List for the selected period appears.

Cheque Deposit Slip List

Cheque Deposit Slip Printing

At  Cheque Deposit Printing screen, Type Yes at Print Cheuqe Deposit Slip. Type Yes at print Customer’s copy to print Banker’s Copy and Customer’s Copy (with proper labels in each for identification) in one page.

Cheque Deposit Slip in Print

Bank Reconciliation in Tally PRIME

Bank Reconciliation is the process of matching the entries between Bank Book & Pass Book) with Bank Pass Book) and tracing the unmatched entries in either of the books (Bank Book or the Pass Book), It is essential to ensure correctness of Bank Accounts.

Select GoT>Banking > Bank Reconciliation and select a Bank Account from the list to get Bank Reconciliation screen.

At Bank Reconcilitaion screen, click F12:Configure to get Bank Reconciltaion Configurtaion screen to set the options.

Bank Reconciliation Configuration

Pass Book Date Entry : Enter the Bank Pass Book Date of the matched Vouchers at bank date column in Bank Reconcilation Statement and print the Bank Reconcilation Showing unmatched Vouchers, to tally the Bank passbook balance with Bank Book Balance. Bank Reconciliation Opening entries  : To start Bank Reconciliation from a date having unreconciled entries, click H: Opening BRS button to get the Opening BRS screen, and enter the details of such opening unreconciled entries.

Banking – Key Points