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Banking Utilities in TallyPrime – Overview

Banking features in TallyPrime are for managing transactions involving one or more banks. You can record the receipt of money from your parties into your accounts using cheques, DDs or electronic payments. Such receipts can be recorded even when you are uncertain about the account to which you are depositing the payment instrument and tag the account later by using Notional Banks.

Similarly, you can record payments made to your suppliers using cheques, DDs or electronic payments. You can print details on pre-printed cheque leaves received from your banks, or even print the cheque on blank stationery for your records. Generate deposit slips for cheques, DDs or cash, or send electronic advice to selected banks to complete banking transactions. There are options to do a reconciliation of bank statements electronically, or otherwise. Bank Book assists in checking all your bank transactions.

TallyPrime’s banking feature supports the following major areas of your business operations.

Make Payments to Your Suppliers

You can make payments through the bank using modes of payment such as cheque or e-payments depending on the nature of transactions.  

Payments using cheques: In TallyPrime, you can configure the cheques based on the type of cheque book you use in your business. Configure the cheques as you need and get them printed to suit your business needs. You can also print the cheques from the vouchers. Apart from cheque printing, you can also print Payment advice which helps the receiver to know the invoice details against which such payment is made.

e-Payments: This feature is a unique capability that syncs your bank master, party master and voucher entry into a common platform sending the payment transaction to the bank. With e-payments, you can:

  • Easily record transactions using the electronic mode of fund transfer, including e-Fund Transfer, e-Cheque, and e-Demand Draft/PO.
  • You can send completed payment transactions to the bank, with accurate bank details, either during voucher creation or from an intuitive e-Payments report under Banking.

Receipts from Your Customers

Receipts as cash/physical cheque: You can receive money in Cash, cheques, or any other instruments 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 the cash and cheque in bank. 

Payment Request: You can now generate and send Payment links and QR codes to your customers as soon as you record and save a transaction once you have registered with the Payment Gateway or UPI service provider. Your customer can scan the QR Code or click the Payment link and directly make a payment without taking the hassle of adding your bank details. You can print the payment link or QR code on the invoices or reminder letters and share by e-mail to multiple customers or for multiple transactions and each link will be a unique link. The link can be generated for full or partial payments against a bill and you can also reconcile the all your Payment Requests.

Post-Dated Cheque Management: Using the cheque management system, you can:

  • Maintain multiple cheque books and enable auto-increment of cheque numbers during voucher entry. This feature helps reduce manual errors and increase the speed of data entry.
  • Manage cheques through their life cycle – from issue to reconciliation – with the help of the cheque register.
  • View the status of all cheques and use a quick search for instant validation of the cheques.
  • Print all the cheques for one or more banks from a single screen.
  • Update cheque details as and when you need them and print multiple cheques with the click of a button.
  • Print all cheques for one or more banks, all from a single screen for cheque printing.

If you have received post-dated cheque, then you can record the receipt voucher as post-dated. If you are uncertain about the bank where you will deposit the cheque, then you can record the receipt voucher in Notional Bank and later move it to a regular bank.

Do More with Reconciliation and Other Reports

Auto Reconciliation & Manual Reconciliation: In TallyPrime, the bank reconciliation feature simplifies the complexity of managing mismatches between your accounts. You can perform Auto Reconciliation with manual intervention which makes the reconciliation process much simpler. You can:

  • Perform seamless reconciliation of the bank and company’s account statements.
  • Configure bank reconciliation statements in different ways to ease the reconciliation process and correct mismatches in your accounts.
  • Print bank reconciliation statements anytime you need.

Cheque Printing Report: In TallyPrime, you can view all the cheques issued and pending for printing. From Cheque Printing Report, you can select and print cheques or you can print all the cheques at once.

Cheque Register: From Cheque Register, you can view, search and track your cheque status. You can also update the status of Available Cheques as Blank, record the transaction with zero value and print the Blank Cheque.

Post-dated Transaction Report: You can view the post-dated transactions recorded against the post-dated cheques issued and received.

e-Payments Report: This report helps you to view all your e-Payments transactions and the status of those transactions.

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