Receipts Payments Account in Tally

Receipts Payments Account

Receipts and Payments Account is a report of Cash and Bank transactions during a period. Normally, It is used in place of an Income and Expenditure Statement where accounts are based on Cash Transactions, without distinguishing between Capital and Revenue & without considering Accruals.

Special Features of Receipts Payments Account

It is a consolidated summary of Cash / Bank transactions, along with Opening & Closing Balances of Cash & Bank Accounts
It does not take Accruals into account. Only current period Payments & Receipts are considered irrespective of the Period it relates to. In fact, it is account headwise summary of Cash Inflows & Cash Outflows.
It shows reports based on the default Primary Groups.

Receipts Payments Account Display in Tally

Select GoT > Display > Receipts and Payments to get the Receipt & Payments Statement .

Receipts and Payments Account in Tally

The Receipts & Payments Report shows Transaction as per Ledger Accounts transacted in Voucher. So, if any Personal Account is transacted, the Receipt Payment statement shows the Personal Account instead of the corresponding REAL Account. For example, if you have debited Fixed Asset Account and Credited a Supplier Account for purchase of Fixed Asset, in the current year, the transaction will not be reflected in Receipts & Payments Report in the current year (as no cash payment is made). In the next year, when the payment is made debiting the supplier’s Account (a personal account), it will show the Supplier Account (the Personal Account) in the Receipt Payment Statement, instead of showing the Fixed Asset Account (the corresponding REAL Account for which the Payment is made) So, the Fixed Asset Account do not get reflected in any of the Receipt Payment Account.

Receipts Payments Account Configuration in Tally

At Receipts & Payment display , click F12:Configure (or press F12 key) to get Receipts & Payment Configuration .

Receipts & Payment Display Configuration in Tally

At Receipts & Payment Configuration , set the options as follows :

– Form : At Show Vertical Receipts & Payment:

Vertical Form : Set Yes to get Receipts & Payment in Vertical format in which details of Receipts, followed by details of Payments are shown in one column in vertical form
Normal Form : Set No to get two columnar report showing Receipts & Payments in separate columns

– Balances Type: At Show Nett Opening & Closing Balances only :

Set Yes to show the net Opening & Closing Balance of Cash & Bank Account .
Set No to show net of Debit & Credit Balances of Cash & Bank Accounts (to reveal the current & overdrawn amounts in Bank)

– Show Nett Balance for Ledgers : At Show Nett Balance for Ledgers :

Set Yes to show the net balance of each account (either in Receipt or Payment, whichever is greater).
Set No to show both Receipts & Payments separately.

– Details Levels : Having set F1:Detailed button, at Expand all Level in detail Format

Set Yes to show all subordinate groups ledger accounts to the lowest level
Set No to show only the next level Groups/ Ledgers

In Normal Format, Bank Overdraft Opening Balance will be shown at Payment Side against Opening Balance. Similarly, Bank Overdraft Closing Balance will be shown at Receipt Side against Closing Balance (instead of being mutually adjusted against each other).

However in Vertical Format, the Dr / Cr Balance are adjusted properly.

Receipts Payments Account Summary Button Bar in Tally

Following Buttons appear at Receipts & Payment Summary Display screen :

F4: Group : To select a Group to get the Receipts & Payments Summary of the selected Group (you may also drill down through the Group in Receipts & Payments Statement to get the Receipts & Payments Summary of the selected Group). This option is useful to get Receipts & Payments Summary of a specified Group under the Primary Groups
F5: Ledgwise / Grouped : Click theToggle button F5:Grouped to get the Group figures of Receipts & Payments Statement . Click theToggle button F5:Ledgwise to get the Ledger figures of Receipts & Payments Statement .
F7 Vouchers : Click to get the Group Voucher list of all the vouchers (Contra, Receipt & Payment) related to the Current Group / Ledger Account selected

Buttons

Receipts and Payments Ledger Account Summary in Tally

Receipts Payments Account Statement in Tally in Vertical Format

At Receipts & Payment Configuration , set Yes at Show Vertical Receipts & Payments Statement to get Vertical Receipts & Payments Statement

In Vertical Receipts & Payments Statement , the Opening Cash & Bank balances are shown first, successively followed by the details of Receipts (Part 1) & Payments and then the Closing Cash & Bank Balances (Part 2)

Receipts and Payments Account in Tally

Receipts Payments Summary Account Statement in Tally

To get next level details of Receipts & Payment Account Summary, drill down as follows :

Closing & Opening Balance: Drill down through Opening Balance or Closing Balance to get the Account Group wise figures Opening & Closing Figures Cash / Bank ledger accounts .

Receipts & Payments Account Summary in Tally – Opening / Closing Balance

Account Group / Account Ledger Summary in Receipts Payments Account in Tally

Account Group : Drill down through an Account Group to get next level details of Account Group / Ledger Account .
Account Ledger: Drill down through an Account Ledger to get Monthly Summary of the Ledger