The ledger account of any party give us the detail of transactions and closing balance, but does not give the bill wise detail of pending bills or overdue bills.
Set F-11 >> Bill wise >> Yes
In business organisation it is very important to maintain detail of bills i.e. during the entry of purchase, sales, expenses or incomes it is necessary to specify the bill no., credit period and thereafter view a report about the bills payable and bill receivable.
While creating ledgers we can define the credit days.
Otherwise it would be difficult to keep a track of pending bills for payment or pending bills for receipt.
Tally has the feature to enter bill wise detail and generate the account payable and accounts receivable reports. It can view reports bill wise, obtain overdue bills report and do the ageing analysis also, which you will learn at the time of display of reports.
Bill receivable refers to amounts receivable from the customers i.e. sundry debtors. Bills payable refers to amounts payable to the suppliers i.e. sundry creditors. Kind of adjustments during the entry
When we enter new financial transactions for purchase/ sale or any expense entry New Ref should be selected.
When we make the payment or receive payment against any bills which were previously entered as “New Ref”.
This option is relevant when we receive or pay money in advance. We can adjust such advance when making the sale or purchase entry.
This option is selected when you are making lump sum payment against many pending bills, or when we are receiving any lump sum money against pending bills.
Display the outstanding statements press F6 for age wise analysis.
Bill-wise details for non-trading accounts are useful where there are requirement to track an installment of loan amount. The procedure is the same as we do in sundry debtors or sundry creditors.
A payment voucher in Tally can be configured to pre-allocate bills. This is done in F12 features In this way, we do not require to give an amount to be paid. Simply select the bill for which payment is pending the total is reflected in the amount field. This option is very useful for payment and Cheque Printing