Manage Receivables & Payables by Billwise Details in TallyPrime

Jan 20, 2024

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by

Rishit Shah

in Difficult

Here’s a guide on managing receivables and payables using billwise details in TallyPrime:

Table of Contents

1. Enable Billwise Details:

Go to Gateway of Tally > F11 (Features) > F1: Accounting Features.
Under Inventory Features, set Enable Bill-wise Entry to Yes.
Press Ctrl+A to save.

2. Enable Billwise Tracking for Ledgers:

Go to Gateway of Tally > Accounts Info. > Ledgers > Alter.
Select the relevant party ledgers (customers or suppliers).
Press F12 (Configure).
Enable Maintain balances bill-by-bill.
Press Ctrl+A to accept.

3. Recording Transactions with Billwise Details:

1. Sales Voucher (for receivables):

Create a Sales Voucher (F8).
Select the customer ledger.
Enter the items and amounts.
Press Enter on the total amount field to open Bill-wise Details.
Provide a unique bill reference for each invoice.
Specify due date and other details (optional).

2. Payment Voucher (for receivables):

Create a Payment Voucher (F5).
Select the customer ledger.
Press Enter on the total amount field to open Bill-wise Details.
Select the bill reference(s) being paid.

3. Purchase Voucher (for payables):

Follow the same process as Sales Voucher, but for supplier ledgers.

4. Receipt Voucher (for payables):

Follow the same process as Payment Voucher, but for supplier ledgers.

4. Tracking Receivables and Payables:

1. Ledger Outstandings Report:

Go to Gateway of Tally > Display > Accounts Books > Ledger > Outstandings.
Select the relevant party ledger.
View outstanding bills with reference numbers, due dates, and amounts.

2. Ageing Analysis:

Go to Gateway of Tally > Display > Analysis & Verification > Data Analysis > Pending Documents.
Select Net Pending Receivables or Net Pending Payables.
Analyze outstanding amounts by age (e.g., current, 1-30 days, 31-60 days).

5. Allocation of Payments:

When recording a payment, TallyPrime automatically suggests allocation against outstanding bills.
You can change the allocation manually if needed.

Benefits of Managing Receivables & Payables Using Billwise Details in TallyPrime:

Enhanced control over receivables and payables.
Improved cash flow management.
Easier reconciliation with customer and supplier statements.
Accurate tracking of outstanding amounts by bill reference.
Helps in identifying overdue bills and taking timely action.

Additional Tips while Managing Receivables & Payables Using Billwise Details in TallyPrime:

Use meaningful bill references for easy identification.
Regularly review outstanding bills and follow up on collections.
Set reminders for upcoming due dates.
Utilize reports to analyze outstanding balances and aging trends.

By effectively using billwise details, you can streamline your receivables and payables management, improve financial visibility, and strengthen your credit control practices in TallyPrime.