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Banking Transactions in TallyPrime

The Banking utilities in TallyPrime help you manage payments to your suppliers and receipts from your customers. TallyPrime assists you right from having the necessary bank-related details to recording payments and receipts and reconciling the vouchers with your bank transactions.

You can have all your bank-related details in your Company data. While you can create bank ledgers for the bank accounts used in your business, you can save bank details of all the parties in their respective party ledgers. This eliminates repetitive data entry during voucher creation and manual errors that might occur while typing bank account numbers for all transactions individually. What’s more, you have the flexibility to import your parties’ bank details all at once, which further reduces the time consumed in data entry.

Once your Company master has all the necessary bank details, you can use the e-Payments facility to make payments to your suppliers. Moreover, you have the flexibility to record payments and receipts through cheque/DD.

While you can make payments to your suppliers through your preferred mode, you would also want to ensure that it is easy for your customers to make payments to you. TallyPrime has a Payment Request feature, using which you can send invoices with a payment link and QR code, thereby enabling quick receipts.

What’s more, the advanced Connected Banking helps you check your Bank Balance and get Bank Statements in TallyPrime instantly, saving a great deal of time.

Once you have the Bank Statements in your Company data, you can compare the entries in the statements with the transactions in your books of accounts. This keeps your books audit-ready, and you can quickly address discrepancies by creating the missing transactions in books.

Setting Up Ledgers for Banking in TallyPrime

A one-time setup for ledgers helps you enjoy various benefits of recording payments and receipts with bank details. You can update your and your parties’ bank details.

A Bank ledger has a variety of configurations that helps you handle your business scenarios.

You have a set of configurations for automatic bank reconciliation, in which you can set a reconciliation beginning date. In addition to that, you can choose voucher types for deposits and withdrawals, which will be applicable when you create vouchers from entries in a bank statement.

Moreover, you can identify exact matches for auto-reconciliation during Bank statement import and voucher creation, as needed.

Apart from that, you can choose to automatically reconcile the exact matches found.

For e-Payments, TallyPrime ensures that you do not have to do much data entry during voucher creation.

You can also configure your bank ledger for payments, while specifying the range of transaction amount for various e-Fund transfer modes. Additionally, you can also specify the preferred mode of e-Fund transactions.

Maintaining your parties’ bank account details is a cake walk in TallyPrime, even when a party has multiple bank accounts. This helps you make e-Payments in a quick manner. If your party has multiple bank accounts, then you can maintain all of their account details in their party ledger. Furthermore, you can update beneficiary details in bulk for multiple parties.

In addition to that, you can also set up TallyPrime for cheque printing and payment request.

If you want to restrict a few users from performing banking tasks such as e-Payments and activities powered by Connected Banking, then you can do so, too.

Connected Banking in TallyPrime

Connected Banking in TallyPrime enables you to manage your banking requirements online right from the product. All you need is valid Tally.NET credentials to log in to Connected Banking. You can then connect your bank accounts to TallyPrime. Once you do that, you can then use the Connected Banking services for tasks such as:

• Getting Bank Statements right from TallyPrime
• Checking your Bank Balance online

e-Payments in TallyPrime

The e-Payments feature enables you to export payment instructions from TallyPrime and upload it on the respective bank portal. Once the payment is processed by the bank, your supplier receives the payment. Thereafter, you can import the intermediate file or payment reverse file, and reconcile all your e-payments in TallyPrime.

First, you need to configure your bank ledgers for e-Payments. Once done, you can perform the following activities.

Record e-Payments

Recording an e-Payment is as easy as recording any other payment transaction. All you need to do is to select e-Fund Transfer as the mode of payment while recording a payment voucher. You can also make e-Payments to your parties or to the employees in your company’s payroll using the same simple steps. While configuring e-Payments, you must enable the option Export/Upload Payment Instructions on voucher creation.

View e-Payments report

Before uploading, the e-Payments report in TallyPrime will help you in checking the transactions to ensure that the details are complete and error-free. If there are any errors, then you can drill down to the relevant section and update the details. Once you have cross-checked the details, you can proceed to export and upload the payment instructions to the bank.

Export/Upload payment instructions

Once your e-Payments are recorded, you can export the payment instructions from TallyPrime. Thereafter, you can upload the payment instructions on the bank portal to process the payment.

You also have the option to provide additional security for your payment instructions by encrypting the exported files. This encryption is valid for ICICI Bank, Standard Chartered Bank (India), Citi Bank, and Bank of Baroda.

For ICICI Bank, encryption is mandatory to upload the exported files to the bank portal. The encryption tool has to be arranged from your ICICI Bank RM. If you want to encrypt the files directly in TallyPrime, use the tool ICICI_WEH128. To encrypt the file outside TallyPrime, use ICICI_AES128_Encryptor.

For Citibank, the encryption tool is external. Contact your Citibank RM for more details. 

You can upload either a single or multiple transactions at the same time. Single transactions can be uploaded directly during voucher entry, as shown in the record e-Payment Transactions section.

Once the transactions are processed by the bank, you can download the intermediate/payment reverse file to update the status of the completed transactions.

This is supported by Kotak Bank, ICICI Bank, Standard Chartered Bank, HDFC Bank, Bank of Baroda, Axis Bank, RazorpayX, and AU Small Finance Bank.

Reconcile your e-Payments

Reconciliation of e-payments is needed to check any difference between the bank balance available in your books and on the bank portal.

TallyPrime is here to simplify reconciliation for you. You only have to import the intermediate/reverse file in TallyPrime, and your transactions will be reconciled, based on the status in the file. You can find further details of the reconciliation in the e-Payments report.

To start using e-Payments in TallyPrime, you need to contact your bank.

Payment Request

The Payment Request feature helps you share payment links and QR codes with your customers, and that too, as a part of the invoices. This speeds up the cash flow in your business.

Once you enable Payment Request and create a merchant profile using payment gateway or UPI, you can start generating payment links or QR code. You can also print, export, or e-mail invoices and reports with the payment link or QR code.

Furthermore, you can easily identify transactions with or without payment link or QR code, and include them in your sales invoice. 

Cheque Payment, Printing, and Configuration

For making payments using cheques in TallyPrime, you can:

• Configure cheques based on the cheque book you use in your business
• Print cheques as per the required dimension
• Add the required cheque formats
• Choose to print the cheques with the amount in Lakhs or Millions, based on your country of origin
• Print cheques from vouchers and cheque details in payment vouchers
• View and track your cheques with Cheque Register.

What’s more, you can also manage post-dated cheques in TallyPrime.

You can receive money via cash, cheques, or any mode that you might need to deposit in the bank. In TallyPrime, you can generate and print Cash Deposit Slip and Cheque Deposit Slip to deposit cash and cheque in your bank.

Compare Books and Bank Accounts | Bank Reconciliation

TallyPrime provides you numerous facilities to reconcile your bank transactions. Right from importing bank statements to performing auto-reconciliation, TallyPrime enables you to keep your banking transactions reconciled.

TallyPrime Release 6.0 onwards, you can get bank statements right from TallyPrime and reconcile your transactions. You can identify exact matches between your book and bank transactions, and find matches to your book transactions, as needed. The Potential Matches report provides smart suggestions for matching transactions, and further reduces your efforts. You can modify the matches at any time, as neeed. Moreover, you can choose to unlink your book transactions from the bank transactions.

Furthermore, with the imported transactions, you create single, multiple, or consolidated vouchers, and reconcile them with the bank transactions.

Imported a wrong bank statement? You can always reset the external bank data, and clear the details.