Understanding Payment Entries in Tally
- Recording payments in Tally, whether in TallyPrime or Tally ERP 9, is essential for accurate accounting.
- Depending on your scenario, you may need to enter the payment against a sales invoice or record an advance payment.
- This guide will simplify both processes for you.
Method 1: Payment Received Against a Sales Invoice
- If you’re receiving payment against a sales invoice, follow these steps:1.
- Open Tally and navigate to the Gateway of Tally.
- Select Accounting Vouchers and press F6 or click on Receipt Voucher.
- Input the Date of Receipt.
- Account: Choose the bank or cash account where the funds were deposited.
- Party’s A/c Name: Select the customer’s name (the debtor) from the list.
- If your Tally is configured with Bill-wise Details, you will be prompted to select the invoice number against which the payment is being received.
- This step is crucial as it ensures that the payment is accurately matched with the respective invoice.
- Next, enter the Amount Received and add a Narration (for example, “Received payment against Invoice #76”). This provides additional context and clarity within your records.
Method 2: Recording Advance Payments
- In situations where you’re recording an advance payment, the steps are quite similar.
- Follow the same initial procedures through the Gateway of Tally, and ensure to mention that the payment is received as an advance.
- This guarantees proper tracking and financial management.
By following these detailed instructions, you can efficiently manage payment entries in Tally, streamlining your accounting processes!
