Bills Receivable and Bills Payable
A bill of exchange can be either bills receivable or bills payable. When a drawee accepts a bill and sends it back to the drawer, it becomes a bills receivable to the drawer as money is receivable on the bill. Therefore, it becomes an asset to him. On the other hand, it becomes a bills payable to the drawee if money is payable by him on the bill, in which case it is a liability for him.
The drawer can make use of the bill in one of the following ways:
1. Retain the bill till the date of maturity and collect the money from the drawee.
2. Endorse the bill to his creditor.
3. Discount the bill with the banker.
4. Send the bill to the banker for collection.
Bills receivable is a bill of exchange on which payment is expected to be received at a later date.
Bills receivable report in Tally.ERP 9 displays all the outstanding receivables during a specified period.
To view the Receivables screen
● Go to Gateway of Tally > Display > Statements of Accounts > Outstandings > Receivables. The Bills Receivable screen is displayed as shown below:
This report displays all outstanding receivables invoice-by-invoice, till date. This report takes into consideration only those party ledgers for which the option Maintain balances Bill-by-Bill option is enabled.
● Date: This is the Effective date of the invoice and not the actual date. Hence, if your invoice date is 15th November but the effective date is 30th November, and then 30th November will be displayed here. Credit period is calculated from the effective date.
● Reference Number: This is the bill reference number entered in the Bill-wise Details screen.
● Party's Name: The party ledger name appears in this field.
● Pending Amount: This is the outstanding balance on a particular invoice. To see the breakup, press Shift + Enter. To view the complete breakup of all the bills, press the F1: Detailed button. This view toggles with the button F1: Condensed.
● Due On: This is the due date of the bill (with reference to the Effective date) specified during voucher entry.
● F1: Detailed: Click F1: Detailed button or press Alt+F1 key to display details such as Voucher Date, Voucher Type(s), Voucher Number(s), and Amount of each voucher.
● F2: Period: Click F2: Period button or press F2 key to change the period.
● F4: Payable: Click F4: Payable button or press F4 key to display the Bills Payable report.
● F6: Age wise: Click F6: Age wise button or press F6 key to display the Age wise analysis of the Bills Receivable report. For more information, refer Ageing Analysis report.
● F7: Bill-Party wise: Click F7: Bill-Party wise button or press Alt+F7 key to display the party-wise breakup of the Bills Receivable report. For more information, refer Bill-Party wise report.
● F12: Configure: The F12: Configuration screen for Bills Outstanding report is displayed as shown below:
For complete information on F12: Configuration, click here.
Include Post-Dated Transactions: Set this option to Yes, to display the column Post-Dated Amount in the report.
Show Bills n Foreign Exchange: Set this option to Yes, to view the transactions that are recorded using foreign currency.
Show Opening Amount: Set this option to Yes, to display the column Opening Amount in the report.
Show Due On: Set this option to Yes to display the column Due On in the report, and the due date for each transaction is captured here.
Show Overdue days/ Age of Bill in Days: Set this option to Yes to display the column Over Due by Days. This will display the total number of days for which the bill has been due for.
Range of Bills to show: Filter the records in the bills in the report by Pending Bills or Over Due Bills.
Show Order Number in Detailed Format: Set this option to Yes to display the order numbers of the transactions, when viewed in the detailed mode.
Show Qty Info in Detailed Format: Set this option to Yes to display the stock item name, quantity and rate in the detailed view of the report.
Show Narrations also: Set this option to Yes to view the voucher narrations in the report when viewed in the detailed mode.
Appearance of Names: Select a display name style for ledger names.
Sorting Method: Sort the report by selecting a suitable sorting method.
● F12: Range: Click F12:Range or press Alt+F12 to use the Range Filter option to search for specific bills from the list of bills outstanding. Users may filter the transactions based on the Date, Original Amount, Pending Amount, Ledger, Reference number and so on, as shown below:
This is a useful tool, as it makes the process of finding specific bills fast, easy and simple.
● R: Remove Line: Click R: Remove Line button or press Alt+ R key to remove a line item from the Bills Outstandings report.
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