Create Future-Dated Transaction in TallyPrime: 3 Steps + Example

In TallyPrime, future-dated transactions can be recorded using the Effective Date feature.

This allows you to record transactions with a posting date that is different from the effective date, which is useful for post-dated cheques or other financial planning scenarios.

Table of Contents

1. Steps to Create a Future-Dated Transaction in TallyPrime:

1. Enable the Effective Date Feature:

Go to Gateway of Tally > F11: Features.
Under Accounting Features, enable Use Effective Dates for Vouchers.

2. Create a Transaction with Future Date:

Go to Accounting Vouchers (e.g., Payment, Receipt, Sales, etc.).
Enter the Voucher Date (current or today’s date).
Press F2: Date to enter the future Effective Date.
Complete the transaction details (party ledger, amount, etc.).

3. View the Transaction:

Navigate to the Day Book or the relevant Voucher Report.
The future-dated transaction will be listed with the effective date highlighted, but the voucher date will show the current date.

2. Example of Future-Dated Transaction in TallyPrime:

ABC Enterprises issues a post-dated cheque to a vendor for ₹50,000, which is due in 30 days.

On the current date, they record the payment in TallyPrime with today’s voucher date but set the effective date 30 days ahead.

This ensures the transaction is posted correctly when it becomes due, but it won’t affect the books until the future date.

3. Benefits of Future-Dated Transactions in TallyPrime:

1. Financial Planning:

Helps with better cash flow management by allowing you to plan and track future payments or receipts.

2. Post-Dated Cheque Management:

Easily manage post-dated cheques or transactions set for a future date.

3. Accurate Reporting:

Transactions are recorded correctly without prematurely impacting your financial reports.

4. Conclusion:

The Effective Date feature in TallyPrime allows businesses to handle future-dated transactions efficiently, keeping their records up-to-date while ensuring proper financial planning.

This flexibility makes it easier to manage financial obligations and reporting accurately without distorting the current financial position.