Tally Prime

Bill-wise with easy step (TallyPrime)

Bill-wise with easy step (TallyPrime) : Bill-wise details with reference is the feature of Tally Prime, which allows accounting transactions or entries to refer to any particular bill or invoice for any kind of full details in the audit trail. This feature helps while reconciliations and in maintaining detailed records of every transaction. Normally, Bill by bill feature is generally applied on the party ledger, transactions (transaction generally related to cash or credit purchase and sales). Party ledgers means Debtors Ledger & Creditors Ledger. Customer or Debtors are who purchase goods or services in credit. Suppliers or creditors are who supply goods & services in credit. In TallyPrime 2.0 bill wise detail is set applicable by default.

Enabling Billwise details

To enable billwise in Tally Prime, follow the given step:

  1. Press F11, then Enable Bill-wise Entry, and click Yes.
Bill-wise with easy step (TallyPrime)

Recording Purchase Voucher with Billwise feature

Here are the steps given for recording Purchase Voucher with Billwise feature:

First record the purchase transaction in Tally prime. To record Purchase transactions, do the following:

  1. Go to Gateway of Tally
  2. Accounting Vouchers. Click F9: Purchase or press F9.
  3. Enter details of date, party ledger-creditor and other relevant details.

After recording Purchase Voucher, we will record in Bill-wise Details section. To record in Bill-wise, follow the given steps:

  1. Press Alt+B or Click on B : Bill-wise Details.
  2. Enter the bill details : bill no., date, amount etc.
  3. Save the voucher.

Recording Sales Voucher with Billwise feature

Here are the steps given for recording Sales Voucher with Billwise feature:

First record the sales transaction in Tally prime. To record Sales transactions, do the following:

  1. Go to Gateway of Tally
  2. Accounting Vouchers. Click F8: Purchase or press F8.
  3. Enter details of date, party ledger-debtor and other relevant details.

After recording Sales Voucher, we will record in Bill-wise Details section. To record in Bill-wise, follow the given steps:

  1. Press Alt+B or Click on B : Bill-wise Details.
  2. Enter the bill details : bill no., date, amount etc.
  3. Save the voucher.

Types of Reference in Bill-wise:

Types of ReferenceDescription
AdvanceIt is to be taken at the time of payment of advance to a party or receiving advance from a party.
Agst RefThis reference type is used to allocate the amount against the previous bill(s).
New RefThis reference type is used when a new bill is raised against the party or by the party.
On AccountThis option is for adjusting the amount only against the party ledger balance. It is used when no confirm information is available against the payment or receipt.

Advantage of Bill-Wise In Tally Prime 

There are several advantage of Bill-Wise in Tally Prime which are as follows:

  • Complete Tracking: The Bill-Wise feature allows us to track of each bill, ensuring that every transaction is recorded correctly. This helps in managing outstanding balances effectively.
  • Systematic Aging Analysis: This feature provides an aging analysis of outstanding bills, helping businesses to identify overdue payments and manage cash flows better.
  • Easy Reconciliation: Bill-wise feature makes it easier to reconcile accounts by matching payments to specific invoices and reducing errors.
  • Enhanced Reporting: Bill-wise offers detailed reports on pending bills, settled bills, and overall outstanding amounts, aiding in better financial decision-making.
  • Better Credit Control: With this feature you can track individual bills, by which businesses can manage credit limits and payment terms more effectively, reducing the risk of bad debts.
  • Enhanced Customer and Vendor Management: Bill-wise allows businesses to maintain detailed records of transactions with each customer and vendor, improving relationships and communication.
  • Accurate Financial Statements: Accurate bill-wise details ensure that financial statements like balance sheets and profit & loss accounts show the true financial position of the business.
  • Simplified Audits: Detailed bill-wise records simplify the audit process by providing clear and traceable transaction histories.

Conclusion

In this blog, we have given the full information about Bill-Wise Detail in Tally Prime and how to use Bill-Wise for various transactions. I hope you have find this blog useful. If you want to get more such information, then please visit our blog.

About the author

Pooja Rastogi

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