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4.     Bill-Wise Details for Non-Trading Accounts in Tally.ERP9

Did you know that you can maintain bill-by-bill details even for your non-trading accounts in Tally.ERP 9 to track all your bills and get your outstanding reports effortlessly?

 

Maintaining details of every bill for trading accounts is possible in Tally.ERP 9 using Billwise Details. The same powerful and convenient feature is available for tracking and managing non- trading accounts

like Loans, Advances and Installment Payments etc. as well. Using this feature, business owners can

easily track bills for expenses, any installments to be paid or loan amounts to be received. Billwise Details

hence can be used to track the details of any already made or due payments and also to generate payables or receivables reports with minimum effort.

 

For example, if your business has given a loan for purchase of a vehicle to one of its employees, you can use the Billwise Details’ in Tally.ERP 9 to track the loan amount and use it to reduce the balance every time an installment is received. To show this powerful feature in Tally.ERP 9, let’s follow the steps

below:

 

Enabling Billwise Details for Non-Trading Accounts

 

·    Go to Gateway of Tally > F11: Accounting Features > Set ‘Yes’ to  Maintain Bill-wise Details (for

Non-Trading A/cs also)

 

Bill-Wise Details for Non-Trading Accounts in Tally.ERP9
[23]


 

 

 

Create the required Ledgers

Lets create a ledger called ‘Staff Loan’ under Loans and Advances (Assets):

 

Bill-Wise Details for Non-Trading Accounts in Tally.ERP9
[24]

 

·    Set  Maintain balances bill-by-bill’ option to ‘Yes’

·    Accept the screen

 

Similarly, create Interest on Staff Loanledger under either Indirect Income.

 

Recording Loan Given by Creating a New Bill Reference Number

 

Bill-Wise Details for Non-Trading Accounts in Tally.ERP9
[25]

 

 

To  record  the  total  loan  amount  given,  let’s  pass  the

Payment Voucher as follows:

·    Go to Gateway of Tally > F5: Payment   (in Single

 

Entry Mode) > Select Bankin ‘Account’

·    Select ‘Staff Loan under ‘Particulars’ > Enter 2,50,000’ in ‘Amount

 

·    On ‘Billwise Details’ screen, select ‘New Ref for Type of Ref > Enter ‘Name’ as ‘Vehicle Loan -

 

001’ > Accept the screen

 

·    The completed Payment Voucher  is shown below:

 

 

Bill-Wise Details for Non-Trading Accounts in Tally.ERP9 [26]

 

Record Interest of Loan with New Bill Reference Number

 

For this, lets pass the Journal entry as follows:

 

Bill-Wise Details for Non-Trading Accounts in Tally.ERP9
[27]

 

·    Go to Gateway of Tally > F7: Journal

·    Debit ‘Staff Loanledger with the interest amount

·    On ‘Billwise Details’ screen, select   ‘New Ref for

Type of Ref

o Enter Interest April-01in ‘Name’

o Accept the screen

·    Credit the Interest on Staff Loan ledger with the

same amount

·    Accept the screen

 

Bill-Wise Details for Non-Trading Accounts in Tally.ERP9
[28]

 

Impact on Bill Outstanding Report

The amount of interest due and paid can be viewed using Bill-wise details. This is done by referring

to the Interest ledgers’ we have just used in the Journal Entry. To view this:

·    Go to Gateway of Tally > Display > Statement of Accounts > Outstandings > Receivables > Loan &

Advances (Assets)

 

Bill-Wise Details for Non-Trading Accounts in Tally.ERP9
[29]

 

Note: If the interest amount is not fully paid, the report will show the remaining amount as an outstanding amount.

 

Record Installment received against the Bill Reference Number

 

If the staff member is paying installment amount along with interest due, the total amount will be divided proportionately as shown below:

 

 

Bill-Wise Details for Non-Trading Accounts in Tally.ERP9
[30]

 

·    Go to Gateway of Tally > F6: Receipt

·    Select ‘Bank in ‘Account

·    Select ‘Staff Loan under ‘Particular’ > Enter 6,400’in’ Amount’

·    On ‘Billwise Details’ screen, select Against Ref for Type of Ref

o Select ‘Vehicle Loan 001in ‘Name’

·    Accept the screen

 

 

The completed Receipt Voucher appears as shown:

 

Bill-Wise Details for Non-Trading Accounts in Tally.ERP9
[31]

 

Impact on Bill Outstanding Report

 

The Bill Outstanding report will show the detailed break-up of all the payments made for the installment and the pending amount as shown:


 

Bill-Wise Details for Non-Trading Accounts in Tally.ERP9
[32]

 

Hence, Tally.ERP 9 can provide a powerful and easy-to-use solution to track all your bills and generate outstanding reports instantly.

 
Add
 
 
 

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Installation of Tally.ERP9
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Maintaining Company Data
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