Mastering Accounts Receivable and Payable in Tally Prime: A Step-by-Step Tutoria

Sri Selvakumar Department Stores
ADDRESS	39X3+37W, Shrinagar, Aranmanai Pudor, Renganatha Puram, Tiruppur - 641652
PHONE	0421 423 7075
MOBILE NO	9875632201
FAX NO	-
EMAIL	sirselvakumardepartmentalstore@gmail.com
WEBSITE	sirselvakumardepartmentalstore.in

PARTICULAR	AMOUNT	AMOUNT
Capital		500000
Bonus payable		65000
Salary due		45000
Cash	300000
Indian bank	100000
Free hold property	40000
Security deposit		150000
Good will	150000
Rent outstanding		45000
Land & Buildings	85000
Furniture	60000
Machinery	70000

New Reference

JULY 01 Purchased following stock items from the Suriya Hypermart on credit against the Ref.No. SH1021 and agreed to pay the amount within 15 days from the date of purchase.

Stock Item	Quantity	Rate
Basmati (W)	500 Kgs	100
Basmati (B)	500 Kgs	110
Dehradooni Basmati (W)	1000 Kgs	100

New Reference

JULY 01 Sold the following Stock item to MKB Departmental Store on credit and agreed to pay the amount within 30 days from the date of sales with the Ref.No. SSD1031.

Stock Item	Qty	Rate
Basmati (W)	250 Kgs	110
Basmati (B)	250 Kgs	120

Against Reference

JULY 10 Made a partial payment of Rs. 75000 to Suriya Hypermart against the Reference number. SH1021. The payment is made through Indian Bank.
JULY 20 Received an Indian Bank of Rs. 57500 from MKB Departmental Store against the Bill Reference: SSD1031.

Advance Reference

JULY 25 Received advance payment of Rs. 2200 from MGE Super Market against Bill No. MGE2020
JULY 30 Sold the following stock item on credit to MGE Super Market with Invoice no SSD1032, where 20% of advance payment was made for this bill and agreed to pay rest of the amount after 10 days.

Stock Item	Qty	Rate
Dehradooni Basmati Rice (W)	100 Kgs	110

AUG 01 Made an advance payment of Rs. 20000 to Sri Vaari Supermarket before making a purchase against Bill No. SSD1033. The supplier has agreed to supply the goods after 10 days.
AUG 12Purchased the following stock items on credit from Sri Vaari Supermarket with Supplier invoice on. SVS1003. Advance payment of Rs. 20000 was made for this bill and agreed to pay the rest of the amount after 10 days.

Stock Item	Qty	Rate
Basmati (B)	200 Kgs	110

On Account

AUG 15 Sold the following stock item on credit to Hometown Supermarket with Ref No. SSD1034 and the amount within 10days of purchase.

Stock Item	Qty	Rate
Dehradooni Basmati Rice (W)	50 Kgs	120

AUG 16 Sold the following stock items on credit to Hometown Supermarket with the Ref.No. SSD1035 and agreed to pay the amount within 10 days of purchase.

Stock Item	Qty	Rate
Basmati (W)	50 Kgs	110

AUG 17 Sold the following stock item on credit to Hometown Supermarket. with Ref No. SSD1036 and agreed to pay the amount within 10 days of purchase.

Stock Item	Qty	Rate
Multigrain flour	50 Kgs	70

AUG 18 Received Rs. 10000 from Hometown Supermarket for pending bills but specific pending bill details are not provided.

Company Creation

The Tally Prime Gateway, select "Create Company."
Fill in the required information for your company:

Company Name : Sri Selvakumar Department Stores
Mailing Name : (You can leave it blank or enter a shortened name if you prefer.)
Address : 39X3+37W, Shrinagar, Aranmanai Pudor, Renganatha Puram, Tiruppur - 641652
Phone : 0421 423 7075
Mobile No : 9875632201
Fax No : (Leave it blank if not applicable.)
Email : sirselvakumardepartmentalstore@gmail.com
Website : sirselvakumardepartmentalstore.in

After entering the details, verify that all information is correct.
Press "Enter" to save the company details.
Tally Prime will prompt you to select the appropriate features and configurations. Make selections based on your business requirements.
Save the configuration, and your company "Sri Selvakumar Department Stores" will be created.

Ledger Creation

Navigate to Ledger Creation:

Go to "Accounts Master" and select "Ledgers."

Create Ledgers with Opening Balances:

Create each ledger account along with its group. Here's an example for a few of the accounts:

Capital Account:

Ledger Name: Capital
Group: Capital Account
Opening Balance: 500000

Current Liabilities:

Ledger Name: Bonus Payable
Group: Current Liabilities
Opening Balance: 65000

Current Liabilities:

Ledger Name: Salary Due
Group: Current Liabilities
Opening Balance: 45000

Cash-in-Hand:

Ledger Name: Cash
Group: Cash-in-Hand
Opening Balance: 300000

Bank Accounts:

Ledger Name: Indian Bank
Group: Bank Accounts
Opening Balance: 100000

Fixed Assets:

Ledger Name: Free Hold Property
Group: Fixed Assets
Opening Balance: 40000

Current Liabilities:

Ledger Name: Security Deposit
Group: Current Liabilities
Opening Balance: 150000

Intangible Assets:

Ledger Name: Goodwill
Group: Intangible Assets
Opening Balance: 150000

Current Liabilities:

Ledger Name: Rent Outstanding
Group: Current Liabilities
Opening Balance: 45000

Fixed Assets:

Ledger Name: Land & Buildings
Group: Fixed Assets
Opening Balance: 85000

Fixed Assets:

Ledger Name: Furniture
Group: Fixed Assets
Opening Balance: 60000

Fixed Assets:

Ledger Name: Machinery
Group: Fixed Assets
Opening Balance: 70000

Save the Ledgers:

Save each ledger after entering the opening balance.

Select Chart of Accounts:

Under the "Gateway of tally" menu, choose "Chart of Accounts" and then select "Groups" or "Ledgers."

New Reference

JULY 01 Purchased following stock items from the Suriya Hypermart on credit against the Ref.No. SH1021 and agreed to pay the amount within 15 days from the date of purchase.

Stock Item	Quantity	Rate
Basmati (W)	500 Kgs	100
Basmati (B)	500 Kgs	110
Dehradooni Basmati (W)	1000 Kgs	100

Navigate to Gateway of Tally:

Open Tally Prime and log in.
From the Gateway of Tally, select "Accounting Vouchers."

Create Purchase Voucher:

Press F9 or select "Purchase" from the right-side panel.

Enter Purchase Voucher Details:

Date: July 01, 20XX (replace 20XX with the actual year).
Voucher Type: Purchase

Enter Party Details:

Under "Account," select "Suriya Hypermart."
Enter the new reference number in the "Ref" field (e.g., SH1022).

Enter Stock Item Details:

Select the stock items and enter the quantities and rates as per the provided details.

Stock Item	Quantity	Rate
Basmati (W)	500 Kgs	100
Basmati (B)	500 Kgs	110
Dehradooni Basmati (W)	1000 Kgs	100

Enter Additional Details:

If there are additional details such as payment terms, you can enter them in the respective fields.

Save the Voucher:

Once all details are entered correctly, press Ctrl + A to save the voucher.

JULY 01 Sold the following Stock item to MKB Departmental Store on credit and agreed to pay the amount within 30 days from the date of sales with the Ref.No. SSD1031.

Stock Item	Quantity	Rate
Basmati (W)	250 Kgs	110
Basmati (B)	250 Kgs	120

Navigate to Gateway of Tally:

Open Tally Prime and log in.
From the Gateway of Tally, select "Accounting Vouchers."

Create Sales Voucher:

Press F8 or select "Sales" from the right-side panel.

Enter Sales Voucher Details:

Date: July 01, 20XX (replace 20XX with the actual year).
Voucher Type: Sales

Enter Party Details:

Under "Account," select "MKB Departmental Store."
Enter the new reference number in the "Ref" field (e.g., SSD1032).

Enter Stock Item Details:

Select the stock items and enter the quantities and rates as per the provided details.

Stock Item	Quantity	Rate
Basmati (W)	250 Kgs	110
Basmati (W)	250 Kgs	110

Enter Additional Details:

If there are additional details such as payment terms, you can enter them in the respective fields.

Save the Voucher:

Once all details are entered correctly, press Ctrl + A to save the voucher.

Against Reference

JULY 10 Made a partial payment of Rs. 75000 to Suriya Hypermart against the Reference number. SH1021. The payment is made through Indian Bank.

Navigate to Gateway of Tally:

Open Tally Prime and log in.
From the Gateway of Tally, select "Accounting Vouchers."

Create Payment Voucher:

Press F5 or select "Payment" from the right-side panel.

Enter Payment Voucher Details:

Date: July 10, 20XX (replace 20XX with the actual year)
Voucher Type: Payment

Enter Payment Details:

Under "Account," select "Suriya Hypermart."
Enter the amount in the "Amount" field (Rs. 75,000).

Enter Bank Details:

Under "Bank A/c," select "Indian Bank."

Enter Additional Details:

In the narration field, you can enter a brief description, such as "Partial payment against Ref. SH1021."

Reference Number:

In the voucher entry screen, there is a "Ref" field. Enter the reference number "SH1021" in this field.

Save the Voucher:

Once all details are entered correctly, press Ctrl + A to save the voucher.

JULY 20 Received an Indian Bank of Rs. 57500 from MKB Departmental Store against the Bill Reference: SSD1031.

Open Tally Prime:

Open Tally Prime and go to the Gateway of Tally.

Access Voucher Entry:

Select "Accounting Vouchers" from the main menu.

Choose Receipt Voucher:

In the Voucher Entry screen, select "F6: Receipt" or choose "Receipt" from the voucher types.

Enter Date:

Press F2 or use the "Date" button to set the voucher date to July 20th, 2023.

Enter Receipt Entry Details:

In the "Received From" field, enter "MKB Departmental Store" and select it from the list. This will be the credit entry.
Enter the receipt amount of Rs. 57,500 in the "Amount (Dr)" field.
In the "Account" field, enter "Indian Bank" and select it from the list. This will be the debit entry.

Bill-wise Details:

Press Enter to move to the Bill-wise details section.
In the "Bill Details" screen:

Enter "SSD1031" as the Bill Reference.
Enter the bill amount of Rs. 57,500.

Save the Voucher:

Press Enter to save the receipt voucher.

Advance Reference

JULY 25 Received advance payment of Rs. 2200 from MGE Super Market against Bill No. MGE2020

Open Tally Prime:

Open Tally Prime and go to the Gateway of Tally.

Access Voucher Entry:

Select "Accounting Vouchers" from the main menu.

Choose Receipt Voucher:

In the Voucher Entry screen, select "F6: Receipt" or choose "Receipt" from the voucher types.

Enter Date:

Press F2 or use the "Date" button to set the voucher date to July 25th, 2023.

Enter Receipt Entry Details:

In the "Received From" field, enter "MGE Super Market" and select it from the list. This will be the credit entry.
Enter the receipt amount of Rs. 2,200 in the "Amount (Dr)" field.
In the "Account" field, enter "Indian Bank" and select it from the list. This will be the debit entry.

Advance Reference Details:

Press Enter to move to the Advance Reference details section.
In the "Advance Reference" screen:

Enter "MGE2020" as Bill No.
Enter the advance amount of Rs. 2,200.

Save the Voucher:

Press Enter to save the receipt voucher.

JULY 30 Sold the following stock item on credit to MGE Super Market with Invoice no SSD1032, where 20% of advance payment was made for this bill and agreed to pay rest of the amount after 10 days.

Stock Item	Quantity	Rate
Dehradooni Basmati Rice (W)	100 Kgs	110

Open Tally Prime:

Open Tally Prime and go to the Gateway of Tally.

Access Voucher Entry:

Select "Accounting Vouchers" from the main menu.

Choose Sales Voucher:

In the Voucher Entry screen, select "F8: Sales" or choose "Sales" from the voucher types.

Enter Date:

Press F2 or use the "Date" button to set the voucher date to July 30th, 2023.

Enter Sales Entry Details:

In the "Party A/c Name" field, enter "MGE Super Market" and select it from the list. This will be the debit entry.
Enter the sales amount based on the quantity and rate for the Dehradooni Basmati Rice (W) in the "Amount (Cr)" field.
In the "Sales Ledger" field, enter the relevant sales ledger for Dehradooni Basmati Rice (W) and select it from the list. This will be the credit entry.

Stock Item Details:

Press Enter to move to the stock item details section.
In the "Name of Item" field, enter "Dehradooni Basmati Rice (W)" and select it from the list.
Enter the quantity as 100 Kgs and the rate as 110.

Advance Payment Details:

Press Enter to move to the advance payment details section.
Enter the advance amount (20% of the total amount) in the "Advance" field.

Agreed Payment Terms:

Press Enter to move to the agreed payment terms section.
Enter "10 days" as the due date for the rest of the payment.

Save the Voucher:

Press Enter to save the sales voucher.

AUG 01 Made an advance payment of Rs. 20000 to Sri Vaari Supermarket before making a purchase against Bill No. SSD1033. The supplier has agreed to supply the goods after 10 days.

Open Tally Prime:

Open Tally Prime and go to the Gateway of Tally.

Access Voucher Entry:

Select "Accounting Vouchers" from the main menu.

Choose Payment Voucher:

In the Voucher Entry screen, select "F5: Payment" or choose "Payment" from the voucher types.

Enter Date:

Press F2 or use the "Date" button to set the voucher date to August 1st, 2023.

Enter Payment Entry Details:

In the "Party A/c Name" field, enter "Sri Vaari Supermarket" and select it from the list. This will be the debit entry.
Enter the payment amount of Rs. 20,000 in the "Amount (Cr)" field.
In the "Cash/Bank A/c" field, enter "Cash" and select it from the list. This will be the credit entry.

Advance Payment Details:

Press Enter to move to the advance payment details section.
Enter "SSD1033" as Bill No.
Enter the advance amount of Rs. 20,000.

Agreed Payment Terms:

Press Enter to move to the agreed payment terms section.
Enter "10 days" as the due date.

Save the Voucher:

Press Enter to save the payment voucher.

AUG 12 Purchased the following stock items on credit from Sri Vaari Supermarket with Supplier invoice on. SVS1003. Advance payment of Rs. 20000 was made for this bill and agreed to pay the rest of the amount after 10 days.

Stock Item	Quantity	Rate
Basmati (B)	200 Kgs	110

Go to Gateway of Tally:

Open Tally Prime and go to the main screen.

Navigate to Voucher Entry:

Select "Accounting Vouchers" from the Gateway of Tally.

Choose Purchase Voucher:

In the Voucher Entry screen, select "F9: Purchase" to create a new Purchase Voucher.

Enter Purchase Details:

Fill in the required details for the purchase transaction:

Date: August 12, 20XX
Party's A/c Name: Sri Vaari Supermarket (You may need to create this ledger if it doesn't exist yet)
Purchase Ledger: Select the appropriate purchase ledger.
Supplier Invoice No.: SVS1003

Enter Stock Item Details:

In the Item Invoice section:

Name of Item: Basmati (B)
Quantity: 200 Kgs
Rate: Rs. 110 per Kg

Specify Advance Payment:

Mode of Payment: Choose the appropriate mode (e.g., Cash or Bank).
Amount: Rs. 20,000

Set the Due Date:

Enter the due date as 10 days from the transaction date (August 22, 20XX).

Complete the Voucher:

Press Enter to save the voucher.

On Account

AUG 15 Sold the following stock item on credit to Hometown Supermarket with Ref No. SSD1034 and the amount within 10days of purchase.

Stock Item	Quantity	Rate
Dehradooni Basmati Rice (W)	50 Kgs	120

Go to Gateway of Tally:

Open Tally Prime and go to the main screen.

Navigate to Voucher Entry:

Select "Accounting Vouchers" from the Gateway of Tally.

Choose Sales Voucher:

In the Voucher Entry screen, select "F8: Sales" to create a new Sales Voucher.

Enter Sales Details:

Fill in the required details for the sales transaction:

Date: August 15, 20XX
Party's A/c Name: Hometown Supermarket (You may need to create this ledger if it doesn't exist yet)
Sales Ledger: Select the appropriate sales ledger.
Reference No.: SSD1034

Enter Stock Item Details:

In the Item Invoice section:

Name of Item: Dehradooni Basmati Rice (W)
Quantity: 50 Kgs
Rate: Rs. 120 per Kg

Specify Due Date:

Enter the due date as 10 days from the transaction date (August 25, 20XX).

Complete the Voucher:

Press Enter to save the voucher.

follow the above steps for the transaction below.

AUG 16 Sold the following stock items on credit to Hometown Supermarket with the Ref.No. SSD1035 and agreed to pay the amount within 10 days of purchase.

Stock Item	Quantity	Rate
Basmati (W)	50 Kgs	110

AUG 17 Sold the following stock item on credit to Hometown Supermarket. with Ref No. SSD1036 and agreed to pay the amount within 10 days of purchase.

Stock Item	Quantity	Rate
Multigrain flour	50 Kgs	70

AUG 18 Received Rs. 10000 from Hometown Supermarket for pending bills but specific pending bill details are not provided.

Go to Gateway of Tally:

Open Tally Prime and go to the main screen.

Navigate to Voucher Entry:

Select "Accounting Vouchers" from the Gateway of Tally.

Choose Receipt Voucher:

In the Voucher Entry screen, select "F6: Receipt" to create a new Receipt Voucher.

Enter Receipt Details:

Fill in the required details for the receipt transaction:

Date: August 18, 20XX
Received From: Hometown Supermarket (You may need to create this ledger if it doesn't exist yet)
Credit Account: Hometown Supermarket
Debit Account: Cash

Enter Amount Details:

In the Credit section:

Amount: Rs. 10,000

Complete the Voucher:

Press Enter to save the voucher.

View Reports

Go to Gateway of Tally:

Open Tally Prime and go to the main screen.

Navigate to Reports:

Click on "Reports" from the main menu.

Choose "Statements of Accounts":

Under Reports, you may find options like "Display More Reports" > "Statements of Accounts" > "Outstandings." Select the appropriate option.

Select the Type of Report:

Within the Statements of Accounts or Outstandings, you may see options for "Outstanding Receivables" or "Outstanding Payables." Choose the relevant option based on whether you want to view customer or supplier outstanding.
Bill Receivable Report

Bill Payable Report