Today, you are going to learn about how you can maintain bill wise details in Tally along with GST.
There is an amazing option in Tally which is called – Maintain Bill Wise Details which lets you save all of your Sales and Purchases Vouchers in Tally as per the actual bills.
This feature is very much useful if in your business, there is a norm of buying and selling on credit.
For example, if you sell a computer to a company for ₹25,000 + GST but you will get the payment after 30 days.
Or for another example, you purchased a computer from the dealer for ₹20,000 + GST and this time you have pay after 60 days.
Tally can handle these kinds of transactions in a very simple way along with a robust reporting mechanism where you can view the entire history of the transactions by pressing nothing more than just a button.
This is what the whole post is about. So, without waiting, let’s begin.
What is the meaning of Maintain Bill Wise Details in Tally
Before going ahead let me explain you what is actually the meaning of the function Bill Wise Details in Tally so you will understand everything ahead very smoothly.
Maintain Bill Wise Details in Tally.ERP 9 is a function that helps you track the details of a voucher entry i.e. Credit Sales or Credit Purchases so you can know important information about that particular voucher or bill.
Let me take the example of a computer from the beginning of this post.
Say, you sold a computer to Rohan for ₹25,000 + 18% GST on 1st January, 2018 but you have agreed with Rohan that he will pay you the amount of ₹25,000 + 18% GST within next 30 days.
How can you track this in Tally?
Well, that’s where the functionality of Maintaining Bill Wise Details in Tally.ERP 9 comes into play.
Now, once again let us take another example of purchase of a computer.
Say, you purchased the computer which you sold to Rohan above from Amit for ₹20,000 + 18% GST on 1st December, 2017 and you have agreed with Amit that you will pay him ₹20,000 + 18% GST in the next 60 days.
In this case, you can easily track the the days and the amount remaining to pay as well as against which bill you have to pay Amit.
This is the meaning of Bill Wise Details in Tally.ERP 9.
And, this is the reason why this functionality is very much useful in case of credit sales or credit purchases.
Now, I will explain you how to activate the Maintain Bill Wise Details option in Tally and then how you can use it in a sweet and simple way.
Let’s, start! 🙂
How to Activate the Maintain Bill Wise Details Option in Tally
You will be happy to know that Maintain Bill Wise Details Option in Tally is by default activated in Tally.
So, you can straight away start using the option without altering anything in Tally.
But, don’t worry, I will show you how you can activate the option even if it is already activated by default in Tally because I try to explain everything in Tally.
Here is how you can activate or enable the option Maintain Bill Wise Details in Tally.
- From Gateway of Tally, press F11 which is also a shortcut key in Tally for Company Features.
- Now, select Accounting Features from the list of Company Features.
All the options are divided into specific heads. You have to go to Outstanding Management.
- Here, you will find the first option is Maintain Bill Wise Details.
- As I said, it will be already set to YES by default but if it is not, just type Y and press Enter.
- Now press CTRL+A to save the options.
Also, you will have to set the Maintain Bill Wise Details option while creating ledgers in Tally like Sundry Debtors, Sundry Creditors, Sales Accounts and Purchase Accounts.
I’ll be explaining these later in this post when I’ll create and show you the actual entry using this feature.
Keep in mind that if you don’t want to use this option for any reason, you can simply set it to NO instead of YES as we have set above.
Now, I’m going to explain you how you to actually use the option of maintaining bill wise details in Tally.[fblike]
How to use Maintain Bill Wise Details in Tally.ERP 9 with GST
I have divided this section of this post into two parts.
In the first and second parts, I will explain you the use of this option in Sales and Purchases Vouchers in Tally.
But before that, there is one important step which you need to know and that is GST in Tally.
For this post, you need to know some of the important concepts of using the GST functionality in Tally.
It will be too long for this single post to cover every concept of GST in Tally.
Therefore you can go through the following posts in which I have explained everything about GST in Tally.
- Enabling and setting GST details in Tally
- GST Sales and Purchase Entries
- Multiple Rate GST Invoice in Tally i.e. for different items having different GST rates in a single bill.
Now, from her on, in this post, if you have any questions regarding GST, you can go through the above posts and clear all your doubts.
Let’s start with the First Part of this section which is Sales Voucher.
Maintain Bill Wise Details in Tally in a Sales Voucher with GST
We will start with one of the examples discussed above.
We are selling a computer to Rohan for ₹25,000 + 18% GST on 1st January, 2018 and we have agreed that he will make the payment in the next 30 days.
Rohan is a Sundry Debtor for us and therefore before creating a sales voucher, you need to make sure that the ledger of Sundry Debtors is properly set.
Here is what it looks like.
If you look at the highlighted part in the picture, there are all the details which you need to maintain bill wise entries in Tally.
I have set the Default Credit Period to 30 days so it matches with our example but you can set this as per your actual business needs.
Also, set YES for the option to check credit days during voucher entry so Tally will let you know if the debtor has any outstanding payment after the due date if you try to make another sale to the same debtor.
Now, we will finally create a sales entry along with maintaining bill wise details in Tally.
- From Gateway of Tally, go to Accounting Vouchers.
- Select Sales by pressing F8.
The first option No. is important here because this is the number which will be used to track this bill in Tally in future for any cash receipts or outstanding amount.
Let’s put the No. to 224 for this example and set the date to 1st January, 2018.
Set the Party A/c Name to Rohan which is our Sundry Debtor here.
Now, select the Sales Account which is Sales – 18%. It is a Sales Ledger which I have already created and you can easily create it by going through the GST posts I’ve mentioned above.
- Sales – 18% is because the GST rate is 18%.
- Select the stock item Computer. Again, you can easily know how to create Stock Items in Tally.
- In Quantity, set it to 1 and rate to ₹25,000.
- Press Enter twice and select GST Taxation Ledgers which are Input CGST and Input SGST.
- Press Enter a few times and save the voucher.
You can see the whole entry in the picture above.
Now, let’s say Rohan pays you ₹5,000 on 2nd January, 2018. This is where the option of maintaining bill wise details in Tally comes into play.
This is called bill settlement in Tally.
Rohan paid us ₹5,000 so it will be a cash receipt and therefore we have to pass a receipt entry in Tally for that.
And, that’s where the magic happens.
Let’s pass a receipt entry for ₹5,000.
Assuming you are still in the Sales Voucher, press F6 which is shortcut for the Receipt Voucher in Tally.
Now, for simplicity, we will put the receipt no. to 224 which is same as the sales voucher no. which we just created above.
The date will be 2nd January, 2018. Look at the image below.
In the To option during the entry, select Rohan and press Enter. Enter the amount ₹5,000 on the Credit side.
Now, as soon so as you move forward, you will see a special window for Bill Wise Details in Tally for Rohan. Here is what it looks like.
The first option is Type of Reference and in there you have to select Method of Adjustment.
We will select Against Reference in Tally right now. Press Enter and go ahead.
The next option is Name and you will see all the Pending Bills of Rohan and in this example, you will see the Bill no. 224 along with date and the balance pending.
Here, you can select the bill against which you receive the payment. Press Enter and go ahead.
Next, you will see Due Date and Credit Days which is 30 in our case.
Enter the amount of payment which you will get. In our example, it is ₹5,000. Then, select Cr i.e. Credit and press Enter.
Now, you will be in the By row. Select Cash and the amount ₹5,000 will be automatically filled up by Tally. That’s the beauty of Tally. 😉
This is what Tally to the core is. Basic. Simple. Beautiful.
Save the voucher by pressing Enter a few times.
This is it.[thrive_custom_box title=”Congratulations!” style=”light” type=”color” color=”#3facd6″ border=”#3facd6″]You have successfully created sales and receipt vouchers along with using the function of Maintain Bill Wise Details in Tally.[/thrive_custom_box] [fblike]
Tracking Bill in Tally
Now, how do you track the bill in Tally? Here is how.
- From Gateway of Tally, go to Display.
- Then go to Statement of Accounts.
- Now, select Outstandings.
- And finally select Receivables.
You will see all the Bills Receivables which are bill wise outstanding in Tally perfectly sorted by Party’s Name i.e. Sundry Debtors.
You are currently seeing outstanding bill wise details in Tally.
When you press Enter on the selected Sundry Debtor, you will see all the details including:
- Number of Sales
- Number of times amount received
- Pending Amount
- Due Date
- Overdue by no. of days
This is how you track the bill details in Tally when you use the function Maintain Bill Wise Details in Tally.
Now, you have learned everything about maintaining bill wise details in Tally.
Let’s move on to maintaining bill wise details in Tally in purchases voucher with GST.[fblike]
Maintain Bill Wise Details in Tally in a Purchases Voucher with GST
Well, the method for Purchase Voucher is exactly the same as I’ve explained in Sales Voucher above.
The only difference is that, you have to pass a Purchase Voucher instead of a Sales Voucher.
Here’s a surprise for you!
Many people were asking me for an exercise after learning a concept and therefore I’ve now decided to introduce this in as many posts as possible from now on.
For this post, the exercise for you is to create a Purchase Voucher by using the option of Maintaining Bill Wise Details in Tally with GST.
Here are the details of the entry that you will be going to pass yourself.
You have purchased a computer from Amit for ₹20,000 + 18% GST on 1st December, 2017 with a credit period of 60 days.
You will make the payment of ₹5,000 that you received from Rohan on 2nd January, 2018 on the same date to Amit.
The voucher number that will be used for reference will be 124 in both the Purchases and Sales entries.
Also, track the bill of Amit in Outstandings Report in Tally.
I have explained everything including the solution in the video below but try to solve the exercise first and then see the whole video.
Video coming soon…
Let me know in the comments whether you were be able to solve the exercise or not.[fblike]
Maintain Bill Wise Details in Tally – Video[responsive_video type=’youtube’ hide_related=’0′ hide_logo=’0′ hide_controls=’0′ hide_title=’0′ hide_fullscreen=’0′ autoplay=’0′]https://www.youtube.com/watch?v=d3MUfVFLy0k[/responsive_video]
At the End…
This was indeed a long post about maintaining bill wise details in Tally but it was required for the best explanation for you.
Maintaining bill wise details in Tally is useful for business which trade on credit i.e. selling or purchasing on credit because they can easily identify bills.
They can also know the amount outstanding as well as credit period left for a particular bill or a party and that’s why this feature saves time and very much useful.
As always, if you have any doubts, comment down below and I’ll be happy to help you.
And, let me know how was the exercise and if you were able to solve it without watching the video.