Statements of Accounts are derived from the transactions recorded in the books of accounts. In Tally.ERP 9, they are generated for cost centres and outstanding accounts
The Outstanding Statement in Tally.ERP 9 displays the status of receivables and payables of the business concern. These are the two important components of the working capital of every business entity. Receivables form a major component of current assets whereas payables form a component of current liabilities. Both determine the short-term liquidity and financial health of the company considerably. Therefore, effective control of the receivable and payable is a must for the financial soundness of a business concern.
The Outstanding Statement Display in Tally.ERP 9 can be any one of the following.
This statement displays the sundry debtor's bill-wise balance till date. It is to be noted here that since this statement displays the information bill by bill, the same needs to be activated while recording the transactions in Tally.ERP 9. This statement provides the following information:
● The effective date of the invoice.
● The reference number given in the invoice while providing the bill-wise details.
● The party name and the outstanding balance of a particular invoice.
Payable outstanding displays the outstanding bill-wise balance of the sundry creditors. Again, this information can be viewed only on activating and entering the bill-wise details while recording the transactions. The information provided is similar to the receivables outstanding.
The uses of a payable outstanding statement are as follows:
● The pending party-wise bills and the number of days by which they are over-due can be viewed.
● The interest liability that is likely to arise can be estimated with the help of the number of days over-due.
● The credit period allowed by the party can be analysed and the need for arranging short-term funds can be evaluated.
This summarises and displays the outstanding balance information with respect to each party. Thus, the bill status of a particular party account can be viewed with the help of this statement. Some of the uses of a ledger outstanding statement are:
● It displays information similar to the receivable and payable outstanding statements, but with respect to a particular party ledger. Thus, this statement can be put to a similar use as stated above.
● It facilitates the viewing of the address and contact details of the party selected, by using the Alt + C button.
● It can be used to generate reminder letters to be sent to the party specifying the details of outstanding bills. It is one of the very useful features in Tally.ERP 9 used with the Print Option.
It displays a summarised view of the balances of all the ledgers under a particular group. For example, Sundry Debtors Group will display all the party ledgers with their account balances. It can further be drilled down to each account to show the bill-wise outstanding for that account.
Some of the uses of a group outstanding statement are as follows:
● Summarised information can be viewed and analysed for each group.
● Another group can be displayed in a column using the Alt+C: New Column button on the screen and comparisons can be made.
● Group details can be printed and submitted as a supporting schedule to the financial statements.
● The detailed break-up of parties under the chosen group and their pending balances can be viewed.