Recording Advance Receipts in TallyPrime: 6 Steps + Example

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1. Understanding Advance Receipts in TallyPrime

Advance receipts are payments received from customers before the goods or services are delivered.

In TallyPrime, you can record these receipts using the Receipt voucher.

2. Steps to Record Advance Receipts in TallyPrime:

1. Go to Receipts Voucher:

Go to Gateway of Tally > Vouchers > Press F5 (Receipt).

2. Enter Party Details:

In the “Party’s A/c Name” field, select the customer’s ledger account.

3. Select Payment Mode:

Choose the appropriate payment mode (e.g., Cash, Bank Deposits).

4. Bill-wise Details:

  • Select the “Select Bill” button.
  • Choose the “Sales” bill type.
  • Select the specific sales invoice against which the advance payment is being made (if applicable).

5. Enter Amount:

Enter the amount of the advance payment.

6. Save the Voucher:

Press Ctrl+A to save the receipt voucher.

    3. Example of Recording Advance Receipts in TallyPrime:

    Let’s say you receive an advance payment of Rs. 5,000 from “Customer A” for a future order.

    1. Create a Receipt Voucher:

    Go to Gateway of Tally > Vouchers > Press F5 (Receipt).

    2. Enter Party Details:

    Enter “Customer A” as the party’s account name.

    3. Select Payment Mode:

    Choose the appropriate payment mode (e.g., Cash or Bank Deposits).

    4. Bill-wise Details:

    • Select “Select Bill”.
    • Choose “Sales” as the bill type.
    • If you have a future sales invoice created, select it. Otherwise, leave it blank.

    5. Enter Amount:

    Enter “5,000” as the amount received.

    6. Save the Voucher:

    Press Ctrl+A to save the receipt voucher.

      4. Additional Considerations:

      1. Adjustments:

      If the advance payment needs to be adjusted later, you can create a credit note against the original receipt voucher.

      2. Accounting Treatment:

      The accounting treatment for advance receipts might vary depending on your business’s accounting policies.

      Consult with an accountant for specific guidance.

      By following these steps, you can effectively record advance receipts in TallyPrime, ensuring accurate tracking of your cash inflows and customer accounts.

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