TALLY TUTORIAL
 
In this unit you will learn
how to maintain details of bills, specify credit periods and obtain
receivable and payable reports.
It would be difficult to
match a payment to an invoice where there is a large number of entries.
Business usually wish to maintain details of there creditors and debtors
at the invoice level and, in Tally, this is called Bill-wise accounting.
Activate Bill-wise
The Bill-wise facility is
turned on via the F11:Features button and setting Maintain
Bill-wise Details? to Yes
- At the Gateway of Tally,
press F11: Company Features.
- Type Yes for Bill-wise
details in accounting Features.
- Retain No for
(non-trading A/cs).
- Accept the screen
All the previously created
customer and supplier accounts under the groups Sundry Debtors and Sundry
Creditors will automatically have Bill-wise details set to Yes.
When you enter details of
sales and purchase with Bill-wise turned on, Tally invites you to identify
the invoice with an appropriate reference number. The reference can then
be used to allocate payments to the correct invoice to maintain an
accurate account of outstanding.
Entering Bill-wise
details for a Purchase Voucher-New Reference
- Create a new supplier
account. If it exists, then go to the next step.
- Supplier Account-PC
Games Ltd (Under Sundry Creditors)
- Create a new stock item
PCGame2000, Stock Group Software, Unit of measure pcs, Std Cost 200
Std Price 300. Accept default for other parameters
- Select Voucher Entry,
F9: Purchase and then Purchase. Select As Voucher.
- Create the following
entries.
- Date 11/12/98.
Received invoice and goods-Invoice number PCG. Enter this in the
reference field below Purchase voucher number. Bought 10pcs
PCGame2000 from PC Games Ltd at 220. No other expenses or charges.
You already know how to enter up till this stage.
- When you Credit the PC
Games Ltd, you must give the Bill-wise details.
- Select New Ref. The
contents of Reference PCG-is copiedand not the voucher number. Note
the difference in behaviour from Sales invoice.
- Credit period- Give 15.
This is 15 days from the effective date of the invoice.
- Accept the amount as the
total amount due.
- At the Narration, type
in your name.
- Accept the voucher.
Notes:
New Ref is selected for
new financial transactions. Since the raising of an invoice signals a new
transaction that will end on payment, New Ref should be selected. You will
selectAgst Ref to set off payment against the previously entered new Ref.
Entering Bill-wise
details for an invoice-New Reference
- First, create new
customer and a stock item. If they exist, then go to the next step.
- Customer- First
Independent Computers (Under Sundry Debtors)
- Select Voucher Entry,
F8: Sales and then Sales.
- Select As Invoice.
- Create the following
entries.
- Date 12/12/98. Sold
5 pcs PCGame2000 to First Independent Computers at 250 from
On-Site. No other expenses or charges. Allocate to Software Sales
Account.
- After accepting the
total amount, you are required to fill the Bill-wise details.
- Select New Ref. The
voucher number is copied as reference. You could give any reference
you want. You can keep the invoice number or overwrite it. Overwrite
it with First Game.
- Credit period- Give7.
This is 7 days from the effective date of the invoice.
- Accept the amount as the
total amount due.
- At the Narration, type
in your name.
- Accept the voucher.
Bill-wise entry
screen:
Payment Performance
of Debtors
Apart from the displays,
one other information that is useful for credit control is the Payment
performance of Debtors. At this stage, you do not have much data to show
the effect of this feature. However, it is relevant to bring up the topic
here and you are advised to take a look towards the end of the course when
all voucher entries have been done.
- At the Gateway of Tally,
select Ratio Analysis.
- Select Receivable
Turnover in days. Note the figure that gives you the amount of sales
locked up with debtors in terms of sales days.
- Press Enter to view two
columns of days- Using Receivables Formula and Using Actual Bill
Clearance Dates. Receivable formula. The formula is explained on
screen itself.
- Select a customer name
and press Enter.
This gives you the details
of all invoices raised on him and the dates when he paid with the analysis
of delays.
You have now completed the
Outstandings Management System of Tally.
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