You can set credit limits for ledgers accounts grouped under Sundry Debtors and Sundry Creditors at the time of ledger creation or from the alteration screen or also at the time of invoicing.
● Go to F11 Features > Accounting Features.
● Enable the option Maintain budgets and controls.
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Create or Alter
2. Select the required party ledger from the list of ledgers to set credit terms.
The Ledger Creation screen appears as shown below:
3. Set the required credit limit.
4. Enable the option Override Credit limit using post-dated transactions, if required.
1. Go to Gateway of Tally > Accounts Info. > Ledgers > Credit Limits
2. Select the required group of ledgers from the List of Groups to set credit terms.
The Multi Ledger Limit Alteration screen appears as shown below. The list of ledger accounts under the selected group is displayed.
Set this option to Yes, to get a warning message when the party ledger selected in a transaction has exceeded the credit period, and outstanding bills are not cleared.
Credit period can be either specified in number of days or the due date and are calculated from the voucher date or invoice date or the effective date, as applicable.
If only voucher date exists, it is considered as the effective date for calculation for Credit Days. If effective date is specified in the voucher, it is considered for calculation of due date.
Specify the amount of credit limit against the ledger account in this field. You can set the amount limits in foreign currency if required, for ledgers involving forex transactions.
To view this report for a different group
● Press Ctrl+F4.
● Change the group in the Select Group screen.
'Using Credit Limits' has been shared with