![]() 2,00,000 in 60 days, and C3 for the remaining Rs. 5,00,000 in the first 30 days, C2 for Rs. 10,00,000 by creating bills references against each part payment – C1 for Rs. Each bill reference can also be specified with a credit period or a due date.įor example, you can record the credit sale of Rs. 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. You can also alter the credit limit in the party ledger and override it if required.īill-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. If the credit limit is exceeded then while passing the transaction, TallyPrime prompts the exceeding amount for the user to make sure that the pending bills of that party are cleared first as it has exceeded its set credit limit. Use credit limit: Just like the credit period, TallyPrime also provides you with the facility to set a credit limit for parties. This helps to avoid conflicts with your parties, systematically track your outstanding receivables, and recover the payments from your parties on time. 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. You can specify a credit period of say 30 days in the party ledger for the party to make the payments. ![]() 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. 10,00,000 as On Account against the party. 4,00,000 to Dakshin Private Limited, you can view the total outstanding amount of Rs. 6,00,000 and 50 pieces of Computer Tabel worth Rs. By referring to the corresponding reports, you can simply follow up with your parties, when needed, for recovery of the due amounts.įor example, if you have made a credit sale with 100 pieces of Web Cams worth Rs. Record and track dues in TallyPrime: If you have a good relationship with your parties and have sold goods or services on credit, TallyPrime takes care of tracking all your outstanding receivables from the parties. You can manage Outstanding Receivables in TallyPrime and keep a record of all the dues. 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. All such dues from your parties will be your outstanding receivables. ![]() When you do sales on credit, you would certainly need to keep track of the due amounts that your parties owe you. PDF Manage Outstanding Receivables in TallyPrime
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