For all the entries recording in a systematic way in the books of accounting voucher. so, For this purpose need arises to activate the maintain bill-wise detail in tally. 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
Maintain bill-wise detail:
How to activate maintain bill-wise detail?
Press F11 -->F1 -->maintain bill –yes
Non-trading –yes
Non-trading: It means it doesn’t include those items which are related to sale and purchased. E.g. school, colleges, and institute.
After that go to F12 for other changes.
- Configuration -->invoice/ order entry
- invoice/ order entry-->use default bill allocation –->No.
Then go to ledger:
- Gateway of tally --> account info.
- account info. --> Ledger -->create.
When already ledger creation then changes in maintain bill-wise detail only in party name or company name. And not changes in other expenses.
Then go to accounting voucher: In every voucher, always two types of entry.
- · Single entry -->for single entry go to F12 and change it (yes).
- · Double entry -->for double entry go to F12 and change it. (no)
- for purchase ans sale --> new reference
- for receipt and payment --> against references
Firstly go to purchase voucher: accounting voucher -->F9
Party name: select the party name from the list of ledger creation. When not shown in list then ALT+C then create name. For example: m/s banal enterprise for purchase. It is under the sundry creditors and activate maintain balance bill by bill.
Purchase ledger: purchases’ a/c are written which are already creating at the time vat activation.
Name of the item: various items are created in stock items automatically shown in list of ledger creation. And select it you want to purchase. Set standard then impose vat on stock items. Select the new reference number. At last narration is necessary and accept it.
Secondly go to sale voucher: F8
Party name: select the party name from the list of ledger creation. When not shown in list then ALT+C then create name. For example: m/s V.N trader. It is under the sundry debtors and activate maintain balance bill by bill.
Sale ledger: sales a/c are written which are already creating at the time vat activation.
Name of the item: various items are created in stock items automatically shown in list of ledger creation. And select it you want to sale. Set standard then impose vat on stock items. Select the new reference number. At last narration is necessary and accept it.
Third go to journal: F7
In journal, it is only for a adjustable and transferable entry. all the entry which are related to credit sale and purchased are recorded in journal voucher. and any fixed assets are purchased are also recorded in this voucher. any amount which is contribute by the partner also recorded in this voucher.
Cash a/c –Dr.
To ABC. Proprietor
It is under the capital account. And not activate the maintain bill.
Fourth go to contra: F4
When amount collected from various proprietor then it will be deposited in bank because amount payment to party through bank. Then entry is:
Bank a/c --Dr.
To cash a/c
Fifth go to payment: F5
In payment voucher, when stock are purchased from other company then payment to the party for the purchase items. For purchase items cash is always credit and party name is always debit. And entry is:
Any expenses a/c --Dr.
To cash a/c.
For payment voucher always used against reference for deduction the amount in cash deposit.
Sixth go to receipt voucher: F6
For receipt voucher always used against reference. When receipt cash from other party then entry is:
Cash a/c –Dr.
To party name a/c.
How to see receivable and payable?
- Gateway of tally -->display
- display -->statements of accounts
- statements of accounts -->outstanding
- statements of accounts -->receivable and payable.