Statement of accounts in Tally prime

When you do sales on credit, you would certainly need to keep track of the due amounts that your parties owe you. All such dues from your parties will be your outstanding receivables. Managing the outstanding receivables can be critical to your business because it not only helps to understand how much your parties owe you, but also helps you to recover the dues on time and use it for your business, as needed. You can manage outstanding receivables in TallyPrime and keep record of all the dues.

Record and track dues in TallyPrime: If you have a good relationship with your parties and trust them, and have sold goods or services on credit, TallyPrime takes care of tracking all your outstanding receivables from the parties. By referring to the corresponding reports, you can simply follow up with your parties, when needed, for recovery of the due amounts.    

For example, if you have made a credit sale with 100 pieces of item 1 worth Rs. 6,00,000 and 50 pieces of item 2 worth Rs. 4,00,000 to Customer A, you can view the total outstanding amount of Rs. 10,00,000 as On Account against Customer A.

Use credit period: To ensure that all the credits are tracked systematically, it is always advisable to maintain your accounts by specifying the credit period or due date for the party. You can specify a credit period of say 30 days in the party ledger for the party to make the payments. On recording a credit sale for such parties, TallyPrime reflects the pending amount and the due date based on the credit period specified for the party. This helps to avoid conflicts with your parties, systematically track your outstanding receivables, and recover the payments from your parties in a timely manner.

Bill-by-Bill: At times, when you have made a credit sale that your party may not be able to pay at a time, you can mutually agree with your party to make part payments and recover the total due within a specified time. In such a case, you can use the bill allocation capability in TallyPrime to create one or more bill references as per the breakup decided. Each bill reference can also be specified with a credit period or a due date.

For example, you can record the credit sale of Rs. 10,00,000 by creating bills references against each part payment – C1 for Rs. 5,00,000 in first 30 days, C2 for Rs. 2,00,000 in 60 days, and C3 for the remaining Rs. 3,00,000 in 90 days.

Whether you have recorded your credit sales to the party as On Account or Bill-wise, you can track the outstanding receivables using reports in TallyPrime and manage your accounts systematically on receipt of the payments. The benefit of tracking your outstandings receivables bill-by-bill is that you can easily settle the due amounts by linking
the bill reference in your transactions.

Based on your business process if you charge interest on the overdue payments, you can do so by defining the interest rates for the corresponding parties. For more information, see Interest Calculations.

Credit Sale Without Bill-wise

When you do a sale on credit, you will certainly need to track and manage the amount due against the party. Once you record a sale, TallyPrime reflects the sale amount as Debit against the party in the corresponding report. Anytime you receive the payment from your party, you can simply enter a receipt entry for that amount to clear the outstandings for that party.